Gasoline Prices at Gas Stations Fall for the First Time in 16 Weeks... Nationwide Average 1,647 Won

[Asia Economy Reporter Hwang Yoon-joo] Gasoline prices at gas stations nationwide, which began rising in early May, have fallen for the first time in 16 weeks.

According to Opinet, the oil price information service of the Korea National Oil Corporation, the nationwide gasoline retail price for the third week of August was recorded at 1,647.0 KRW per liter, down 0.2 KRW from the previous week.

By region, the highest price area, Seoul, saw gasoline prices drop by 0.9 KRW per liter to 1,730 KRW compared to last week. The lowest price area, Daegu, recorded a gasoline price of 1,623.9 KRW per liter, down 0.8 KRW.

By brand, GS Caltex gasoline was the most expensive at 1,655.0 KRW per liter, while Altteul gas stations offered the cheapest gasoline at 1,623.6 KRW per liter.

The nationwide diesel retail price was 1,441.7 KRW per liter, down 0.5 KRW from the previous week.

International oil prices have been declining since last week.

The average price of Dubai crude oil, which serves as the benchmark for crude oil imported into Korea, fell by 2.0 USD to 67.8 USD per barrel, marking two consecutive weeks in the 60 USD range following last week.

International gasoline prices were recorded at 77.2 USD per barrel, down 3.0 USD.

The Korea National Oil Corporation explained, "This week, international oil prices are declining due to factors such as the continued spread of the Delta variant, weak economic indicators from China, the rise of the KRW-USD exchange rate, and forecasts of increased shale production in the United States."

This content was produced with the assistance of AI translation services.