Domestic Oil Prices Continue to Fall... Gasoline Price at 1,743.8 Won per Liter

[Image source=Yonhap News]

[Asia Economy Sejong=Reporter Kwon Haeyoung] Amid persistent high inflation, domestic gasoline and diesel prices have fallen for eight consecutive weeks.

According to Opinet on the 27th, the average retail price of gasoline at gas stations nationwide in the fourth week of August (21-25) was 1,743.8 KRW per liter, down 36.4 KRW from the previous week.

Domestic gasoline prices have been declining due to the expanded fuel tax reduction (30→37%) implemented since last month and the drop in international petroleum product prices. The average gasoline price in Seoul this week was 1,816.6 KRW, down 31.0 KRW from last week, while Daegu recorded 1,689.4 KRW, down 36.8 KRW.

Domestic diesel prices also fell for eight consecutive weeks. The average diesel price this week was 1,843.6 KRW, down 25.9 KRW from last week.

However, the average price of Dubai crude oil, the benchmark for domestic imported crude, rose by 4.6 dollars from last week to 97.5 dollars per barrel this week. This is due to OPEC+ hinting at possible production cuts and a decrease in U.S. commercial crude oil inventories.

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