Gasoline Prices at Gas Stations Fall for 9 Consecutive Weeks... Expected to Decline Until Year-End

L Party Gasoline 14.7 Won↓·Diesel 21.2 Won↓
"Additional Decline Expected in Next 1-2 Weeks"

The prices of gasoline and diesel sold at domestic gas stations have fallen for nine consecutive weeks.

According to the Korea National Oil Corporation's oil price information system Opinet on the 9th, the nationwide average gasoline price at gas stations for the first week of December (3rd to 7th) was 1,626.6 KRW per liter, down 14.7 KRW from the previous week.

Photo by Asia Economy

Seoul, the region with the highest price nationwide, recorded a decrease of 16.3 KRW to 1,710.3 KRW, while Daegu, with the lowest price, fell by 12.8 KRW to 1,573.6 KRW. By brand, GS Caltex gas stations had the highest price at 1,633.9 KRW per liter, and discount gas stations had the lowest at 1,602.8 KRW.

The diesel selling price dropped 21.2 KRW from the previous week to 1,563.8 KRW.

This week, international oil prices fell due to ongoing skepticism about whether the OPEC+ (Organization of the Petroleum Exporting Countries plus) coalition of major non-OPEC oil-producing countries will comply with additional production cuts, as well as an unexpected increase in U.S. gasoline inventories.

The weak oil prices are expected to continue until the end of this year. Changes in international oil prices typically take about two weeks to be reflected in domestic gas station prices, and recent international oil prices have been steadily declining.

In fact, Dubai crude oil, which is the benchmark for imported crude oil prices, fell by 5.4 dollars to 77.3 dollars per barrel compared to the previous week. International gasoline prices dropped 5.0 dollars to 86.6 dollars, and automotive diesel fell 5.0 dollars to 99.3 dollars.

A representative from the Korea Petroleum Association said, "International oil prices are reacting downward due to the global economic recession and weak oil demand in China, and accordingly, crude oil and product prices fell significantly this week as well. Domestic selling prices are also expected to decline further over the next one to two weeks."

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