Gas Station Fuel Prices Fall After 4 Weeks..."Expected to Drop Next Week Too"

[Financial News] This week, the weekly average price of gasoline and diesel at domestic gas stations turned to a decline after 4 weeks.
According to Korea National Oil Corporation's oil information system Opinet, the average selling price of gasoline at gas stations nationwide in the second week of July (6th-10th) was 1667.5 won per liter, down 0.6 won from the previous week.
By region, the highest price was in Seoul, which fell by 3.4 won to 1740.2 won compared to the previous week, and the lowest price was in Ulsan, which fell by 4.8 won to 1641.0 won.
By brand, SK Energy gas stations had the highest average price at 1677.0 won per liter, while economy gas stations had the lowest at 1635.1 won.
The average selling price of diesel was 1530.2 won, down 1.2 won from the previous week.
This week's international oil prices rose due to the resumption of attacks on Red Sea merchant ships by Houthi rebels, but the increase was limited by the decision to expand the production increase scale of OPEC+ in August and tariff pressure from the Trump administration.
The price of Dubai crude, the benchmark for imported crude oil prices, was 70.7 dollars, up 1.8 dollars from the previous week.
The price of gasoline in Singapore was 78.8 dollars (up 0.5 dollars), and the price of automotive diesel was 90.6 dollars (up 2.3 dollars).
Changes in international oil prices are usually reflected in domestic gas station prices with a lag of about 2 to 3 weeks.
A representative from the Korea Petroleum Association said, "The internationally stabilized oil prices after the ceasefire agreement between Iran and Israel are being reflected in domestic oil prices," adding, "It is expected that domestic gas station prices will also fall next week."

going@fnnews.com Choi Ga-young Reporter