Gasoline Prices Decline for 6 Consecutive Weeks... Nationwide Average 1,588.9 Won
Amid Rising Global Oil Prices, New York Oil Prices Are Also Falling
Domestic gasoline and diesel prices have been declining for several weeks. While international oil prices are influenced by production cuts from oil-producing countries, New York oil prices are also on a downward trend.
According to the Korea National Oil Corporation's oil price information system (Opinet) on the 10th, the average retail price of gasoline at gas stations nationwide during the first week of this month (4th to 8th) was 1,588.9 KRW per liter, down 10.1 KRW from the previous week. Diesel prices fell by 15.2 KRW to 1,406.1 KRW. Gasoline prices have declined for six consecutive weeks on a weekly basis, and diesel prices for seven consecutive weeks.
By region, the average gasoline price in Seoul dropped 10.9 KRW from the previous week to 1,662.4 KRW, marking the highest price. The lowest domestic price was in Daegu (1,548.3 KRW). By brand, GS Caltex (1,597.5 KRW) was the most expensive, while Altteul Gas Station (1,560.8 KRW) was the cheapest.
During the same period, the international average gasoline price fell by 2.6 dollars to 88.3 dollars per barrel. The international automotive diesel price rose by 3.1 dollars to 91.6 dollars. The Dubai average price, which serves as the benchmark for imported crude oil prices, increased by 1.8 dollars to 75.5 dollars.
International oil prices were affected by the extension of production cuts by OPEC+?a group consisting of OPEC member countries and non-member major oil producers. Saudi Arabia's announcement of an additional reduction in crude oil production next month also contributed to the rise in oil prices.
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Despite production cuts by oil-producing countries, New York oil prices have been declining for two consecutive weeks. On the 9th (local time), the July delivery West Texas Intermediate (WTI) crude oil price on the New York Mercantile Exchange closed at 70.17 dollars, down 1.12 dollars from the previous day. Prices have been falling for two weeks, with a decline rate of 3.44%.
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