Gasoline Prices at Gas Stations Fall for 10 Straight Weeks, but Decline Narrows Amid Middle East War

[Financial News] Gasoline prices at gas stations nationwide fell for a 10th straight week, but the pace of decline slowed as the war in the Middle East intensified again and even threatened exports through the Red Sea.
According to Opinet, the oil price information system run by Korea National Oil Corporation (KNOC), the average retail price of gasoline at gas stations nationwide in the fourth week of July (July 19-23) stood at 1,872.4 won per liter, down 5.1 won from the previous week.
Weekly gasoline prices have continued to fall, dropping 59.1 won in the second week of July from the previous week and 15.5 won in the third week. However, the decline has narrowed sharply since tensions in the Middle East flared up again.
Seoul, where prices were the highest, recorded 1,911.3 won per liter, down 2.5 won from the previous week. Ulsan, where prices were the lowest, came in at 1,845.4 won, down 5.2 won.
By brand, GS Caltex gas stations posted the highest price at 1,876.7 won. Self-service gas stations recorded the lowest price at 1,864.8 won.
The average diesel retail price was 1,856.9 won, down 5.6 won from the previous week. Diesel prices also saw a smaller decline than in the second week of July, when they fell 62.3 won, and the third week, when they fell 17.7 won.
International oil prices rose this week as the United States signaled the possibility of large-scale military strikes against Iran and the Iran-backed Ansar Allah (Houthis) in Yemen, while tensions in the Middle East escalated further after a Saudi Arabian oil tanker was hit in the Red Sea.
Dubai crude, the benchmark for imported crude oil, rose $21.4 from the previous week to $97.2 per barrel.
International gasoline prices rose $18.7 to $124.7, while international automotive diesel prices climbed $24 to $167.6.
Changes in international oil prices are usually reflected in domestic gas station prices with a lag of about two to three weeks.
The government is focusing on minimizing the impact of rising global oil prices on gas station prices by freezing the ceiling price for oil. It set the eighth ceiling price, which will apply for four weeks starting at midnight on this day, at the same level as the seventh ceiling price. The price is 1,784 won per liter for gasoline, 1,773 won for diesel, and 1,380 won for kerosene.
[email protected] Park Ji-yeon Reporter