Gasoline Prices at Gas Stations Fall for 2 Consecutive Weeks... Nationwide Average 1,644.8 Won

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Hwang Yoon-joo] Gasoline prices sold at gas stations nationwide have fallen for two consecutive weeks.

According to Opinet, the oil price information service of the Korea National Oil Corporation, the nationwide gasoline retail price in the fourth week of August recorded 1,644.8 KRW per liter, down 2.2 KRW from the previous week.

By region, Seoul, the area with the highest price, saw a decrease of 1.6 KRW to 1,728.4 KRW per liter compared to the previous week. All other regions are priced in the 1,600 KRW range. Daegu, the region with the lowest price, dropped 2.7 KRW to 1,621.1 KRW per liter.

By brand, GS Caltex was the most expensive at 1,652.7 KRW per liter, while budget gas stations were the cheapest at 1,621.2 KRW per liter.

Diesel retail prices also fell by 2.3 KRW from the previous week, recording 1,439.3 KRW per liter.

International oil prices, which had fallen for three consecutive weeks from the beginning of this month to last week, rose slightly again this week. The average price of Dubai crude oil, the benchmark for crude oil imported into Korea, rose by 1.3 dollars to 68.7 dollars per barrel compared to the previous week. International gasoline prices increased by 0.6 dollars to 77.2 dollars.

The Korea National Oil Corporation explained, "International oil prices rose due to expectations of expanded vaccination, production disruptions at Mexican oil facilities, and a decrease in U.S. crude oil inventories."

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