Gasoline Prices at Gas Stations Nationwide Fall for 14 Straight Weeks, Hovering in the Mid-1,800 Won Range

[Financial News] Gasoline and diesel prices at gas stations nationwide both fell. In particular, gasoline extended its decline for 14 consecutive weeks and traded in the mid-1,800 won range.
According to Opinet, the oil price information system run by Korea National Oil Corporation (KNOC), on the 22nd, the average retail price of gasoline at gas stations nationwide from Aug. 16 to 20, the third week of August, stood at 1,862.5 won per liter, down 1.7 won from the previous week. The average diesel price also fell 1.4 won week on week to 1,845.7 won per liter.
By region, gasoline prices in Seoul were the highest at 1,908.9 won per liter. That was down 1.0 won from the previous week. On the other hand, Daegu had the lowest price at 1,835.6 won per liter, down 2.1 won.
Among gasoline brands, GS Caltex gas stations were the most expensive at 1,865.6 won per liter. Self-service gas stations recorded the lowest price at 1,853.5 won per liter.
Although international oil prices rose this week, domestic prices continued to decline. This appears to be linked to the fact that changes in global oil prices are usually reflected in domestic gas station prices with a lag of two to three weeks. Analysts say the latest increase has not yet been fully passed on to domestic retail prices.
The rise in international oil prices is being attributed to growing concerns over crude supply, driven by the United States' stepped-up economic pressure on Iran amid stalled negotiations between the two countries and escalating tensions between the UAE and Iran. However, the increase was limited as Saudi Arabia moved to expand alternative supply.
Dubai crude, the benchmark for imported crude oil prices, rose $3.2 from the previous week to $91.8 per barrel. International gasoline prices climbed $2.4 to $113.8, while international diesel prices for vehicles also jumped $4.0 to $163.7.
The government is operating an oil price cap system to ease the impact of international oil price fluctuations on domestic prices. On the 21st, the Ministry of Trade, Industry and Energy set the ninth oil price cap at the same level as the eighth. Gasoline is capped at 1,784 won per liter, while diesel and kerosene are set at 1,773 won and 1,380 won, respectively. The measure took effect at midnight on the 22nd and will remain in place for the next four weeks.

[email protected] Kang Gu-gui Reporter