“Gasoline and Diesel Prices in Korea Fall for Third Consecutive Week amid Drop in International Oil Prices”

Gasoline and diesel sales prices at domestic gas stations also fell this week as well.

According to Opinet, Korea National Oil Corporation’s oil price information system on the 20th, the average selling price of gasoline at gas stations nationwide in the third week of May (14th to 18th) was 1627.4 won per liter, down 21.6 won from the previous week. Gasoline prices are down for the third consecutive week.

The average price of gasoline this week in Seoul, the most expensive region in Korea, was 1,697.2 won, down 24.2 won, and in Daegu, the lowest-priced region, it was 1,583.2 won, down 27.9 won.

By product, GS Caltex gas stations were the most expensive at 1,637.8 won per liter. The thrifty gas station was the cheapest at 1598.0 won.

The selling price of diesel this week was 1,468.7 won, down 36.9 won from the previous week. Diesel sales prices have also been on a downward trend for four weeks in a row.

International oil prices fell this week due to factors such as fears of default by the US federal government and the Energy Information Administration’s (EIA) announcement of an increase in commercial crude oil inventories. This week’s average price of Dubai oil, which is the standard for the price of imported crude oil, recorded $74.1 per barrel, down $1.4 from the previous week.

However, international petroleum product prices rose slightly. The international gasoline average price rose 0.4 dollars to 84.6 dollars, and the international automobile diesel price rose 0.2 dollars to 89.6 dollars.

The Korea Petroleum Association predicted, “Domestic gasoline prices are expected to show a downward trend next week as well.”