Gasoline Prices Enter 1500 Won Range... Gas Station Fuel Prices Decline for 10 Consecutive Weeks

Prices of gasoline and diesel sold at domestic gas stations have been on a decline for 10 consecutive weeks.

Citizens are refueling their vehicles at the budget gas station in Mannam Square Rest Area, Seocho-gu, Seoul.

According to the Korea National Oil Corporation's oil price information system, Opinet, the nationwide average gasoline price at gas stations during the second week of December (10th?14th) was 1,606.6 KRW per liter, down 20.0 KRW from the previous week.

Seoul, the region with the highest prices nationwide, saw a decrease of 26.3 KRW to 1,684.0 KRW, while Daegu, the area with the lowest prices, recorded a drop of 18.3 KRW to 1,555.3 KRW.

By brand, GS Caltex gas stations recorded the highest price at 1,614.4 KRW per liter, while budget gas stations had the lowest at 1,581.7 KRW.

On a daily basis, gasoline prices re-entered the 1,500 KRW range for the first time in about five months, recording 1,599.08 KRW on the 14th, following July 25 (1,598.62 KRW). Diesel prices fell 29.2 KRW from the previous week to 1,534.6 KRW.

This week, international oil prices declined amid expectations that OPEC Plus (OPEC+) may implement smaller-than-expected voluntary production cuts. Since the oil production cuts by producing countries are voluntary rather than mandatory, the actual reduction may be less than announced. Concerns over decreased demand due to weak economic indicators from China also contributed to the drop in oil prices.

The price of Dubai crude, the benchmark for imported crude oil, fell by 2.3 dollars to 74.7 dollars per barrel compared to the previous week.

International gasoline prices dropped 1.7 dollars to 84.7 dollars, and automotive diesel fell 1.6 dollars to 97.5 dollars. Changes in international oil prices typically take about two weeks to be reflected in domestic gas station prices.

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