Gasoline Price 1,643.4 Won... Falling for 3 Consecutive Weeks
Weekly Domestic Oil Price Trends for the First Week of September
[Sejong=Asia Economy Reporter Joo Sang-don] Gasoline prices at gas stations have fallen for three consecutive weeks this week.
According to the Korea National Oil Corporation on the 4th, the gasoline price at gas stations in the first week of September dropped by 1.3 KRW from the previous week to 1,643.4 KRW/liter, marking a decline for three consecutive weeks.
The average price at discount gas stations was the lowest at 1,619.4 KRW/liter, while GS Caltex gas stations recorded the highest price at 1,651.4 KRW/liter.
The highest-priced region, Seoul, saw gasoline prices fall by 1.1 KRW from the previous week to 1,727.3 KRW/liter, which is 83.9 KRW higher than the national average price. The lowest-priced region, Daegu, saw gasoline prices drop by 1.5 KRW from the previous week to 1,619.7 KRW/liter, which is 23.7 KRW lower than the national average price.
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This week, international oil prices are on the rise due to the impact of hurricane damage in the United States, a weaker dollar, a decrease in U.S. crude oil inventories, and sustained oil demand outlooks from the Organization of the Petroleum Exporting Countries (OPEC) and the OPEC Plus (OPEC+) group, which includes major non-OPEC oil-producing countries such as Russia. Dubai crude oil rose by 1.5 dollars from the previous week to 70.6 dollars per barrel this week.
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