Gasoline and diesel prices at gas stations nationwide have fallen for the 15th consecutive week.
According to data from the Korea Petroleum Industries Corporation’s oil price information system, Opinet, as of August 29, the average national gasoline price at gas stations during the fourth week of August (23–27) was 1,861.3 Korean won per liter, down 1.2 Korean won from the previous week.
By region, Seoul had the highest gasoline price at 1,907.8 Korean won per liter, though this was a decrease of 1.1 Korean won from the previous week. Daegu, the lowest-priced region, saw a drop of 1.4 Korean won to 1,834.2 Korean won per liter.
By brand, GS Caltex gas stations had the highest average price at 1,864.7 Korean won per liter, while discount gas stations were the cheapest at 1,852.5 Korean won per liter.
Diesel prices also continued to decline. The national average diesel price fell by 0.5 Korean won to 1,845.2 Korean won per liter.
Dubai crude, the benchmark for South Korea’s imported oil prices, dropped by 0.9 dollars to 92.1 dollars per barrel compared to the previous week. International gasoline prices fell by 2.4 dollars to 111.5 dollars per barrel, and international automotive diesel prices decreased by 9.2 dollars to 154.5 dollars per barrel. While international oil prices fell midweek due to expectations of the Strait of Hormuz reopening, the downward trend weakened toward the end of the week as negotiations between the U.S. and Iran stalled. Typically, fluctuations in international oil prices are reflected in domestic gas station prices after a delay of approximately 2–3 weeks.
The government set the 9th oil price ceiling on August 21, maintaining the same levels as the 8th ceiling: 1,784 Korean won per liter for gasoline, 1,773 Korean won per liter for diesel, and 1,380 Korean won per liter for kerosene. The oil price ceiling system is a government measure to limit refiners’ supply prices, thereby reducing the impact of international oil price volatility on domestic petroleum product prices. Once established, the ceiling remains in effect for four weeks.
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