Oil prices fall for 8 straight weeks, settling in the 1,800-won range

[Financial News] As the government’s seventh cap on petroleum prices took effect and global oil prices stabilized, fuel prices at gas stations nationwide have been on a clear downward trend for eight consecutive weeks.
Both gasoline and diesel prices have fallen into the upper 1,800-won range, easing the burden of rising living costs for ordinary households.
According to Opinet, the oil price information system run by KNOC, the average retail price of gasoline at gas stations nationwide in the second week of July (July 5-9) fell by 59.1 won per liter from the previous week to 1,893 won.
By region, Jeju, where prices are the highest in the country, fell 52.0 won from the previous week to 1,926.7 won, while Daegu, the lowest-priced region, dropped 60.8 won to 1,864.4 won. By brand, S-Oil stations were the most expensive at 1,895.5 won, while budget gas stations were the cheapest at 1,888.7 won. The average diesel price also showed stability, falling 62.3 won from the previous week to 1,880.1 won.
This week, international oil prices edged up amid heightened tensions in the Strait of Hormuz and concerns over shipping disruptions following clashes between the United States and Iran. However, the increase remained limited after the OPEC+ meeting of seven countries decided to raise August production and news emerged that the UAE would expand crude output.
Dubai crude, the benchmark for imported oil prices, rose $2.0 from the previous week to $67.8 per barrel. International gasoline prices fell $2.0 to $95.0, while international automotive diesel prices rose $5.5 to $120.6.
In general, it takes about two to three weeks for changes in international oil prices to be reflected in domestic gas station prices. Given this lag, fuel prices at gas stations nationwide are likely to keep falling next week as well.
Earlier, as part of measures to stabilize prices, the government applied its seventh cap on petroleum prices at 12:00 a.m. on the 27th of last month. As a result, the maximum prices were set at 1,784 won per liter for gasoline, 1,773 won for diesel, and 1,380 won for kerosene, each 150 won lower than before.
jsi@fnnews.com Jeon Sang-il Reporter