Gasoline Prices at Gas Stations Stable for 3 Consecutive Weeks... Nationwide Average 1,361.1 Won

[Asia Economy Reporter Hwang Yoon-joo] Gasoline prices at gas stations nationwide have remained steady for three consecutive weeks.

According to the Korea National Oil Corporation's oil price information service Opinet on the 14th, the weekly gasoline retail price at gas stations nationwide in the first week of August recorded 1,361.1 KRW per liter, down 0.1 KRW from the previous week.

Gasoline prices fell from the end of January this year but started rising continuously from mid-May, about four months later. However, prices turned to a 0 KRW range decline in the last week of July and have remained steady with a 0 KRW range increase last week.

The most expensive gasoline price was in Seoul, which fell 0.7 KRW from the previous week to 1,456.3 KRW per liter. The lowest price region, Daegu, saw gasoline prices drop 0.3 KRW to 1,335.2 KRW per liter.

By brand, Altteul gas stations offered the cheapest gasoline at 1,330.3 KRW per liter, while SK Energy and GS Caltex gas stations were the most expensive at 1,368.6 KRW per liter.

Diesel retail prices also decreased by 0.2 KRW from the previous week to 1,163.5 KRW per liter.

Domestic fuel prices reflect international oil price fluctuations with a 2 to 3 week lag. Since recent international oil prices have not changed significantly, the industry expects fuel prices to remain relatively stable for the time being.