Fuel Prices Fall for 13 Straight Weeks, Gasoline and Diesel Stay in the Mid-1,800 Won Range

[Financial News] Gasoline and diesel prices at gas stations nationwide fell for the 13th consecutive week. However, both products remained in the mid-1,800 won range per liter.
According to Opinet, the price information system run by Korea National Oil Corporation (KNOC), the average retail price of gasoline at gas stations nationwide in the second week of August (Aug. 9-13) fell 2.1 won per liter from the previous week to 1,864.1 won.
By region, Seoul was the most expensive at 1,909.8 won per liter, up 0.7 won from the previous week. Daegu posted the lowest price nationwide at 1,837.6 won, down 3 won.
By brand, gasoline at GS Caltex stations was the most expensive at 1,867.2 won per liter, while budget gas stations offered the lowest price at 1,855.4 won.
The average retail price of diesel fell 2.2 won per liter from the previous week to 1,847 won.
International oil prices moved higher. The rise came as talks between the United States and IRAN stalled, while attacks on oil facilities in the Middle East and Russia continued, raising concerns over supply and transport disruptions.
Dubai crude, the benchmark for imported crude prices, rose 8.9 dollars per barrel from the previous week to 88.7 dollars. International gasoline prices climbed 6.6 dollars to 111.5 dollars, while international diesel for vehicles rose 10.8 dollars to 159.2 dollars.
Changes in international oil prices are usually reflected in domestic gas station prices after a lag of about two to three weeks.
Meanwhile, the government is maintaining a cap on petroleum prices to minimize the impact of international oil price fluctuations on domestic fuel prices. The eighth capped price, designated on the 25th of last month, remains the same as the seventh: 1,784 won per liter for gasoline, 1,773 won for diesel, and 1,380 won for kerosene.
[email protected] Hong Ye-ji Reporter