Average Nationwide Gasoline Price 1,347.3 Won... Declining for 5 Consecutive Weeks

[Image source=Yonhap News]

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

According to the Korea National Oil Corporation's oil price information service Opinet on the 26th, the average weekly gasoline selling price at gas stations nationwide in the fourth week of this month was 1,347.3 KRW per liter, down 6.7 KRW from the previous week.

By brand, SK Energy gas stations had the highest average gasoline selling price at 1,355.1 KRW per liter, while Altteul gas stations were the cheapest at 1,318.5 KRW.

The highest-priced region, Seoul, saw its gasoline selling price drop by 7.5 KRW per liter from the previous week to 1,439.3 KRW, which was 92.0 KRW higher than the national average. Jeju region (1,417 KRW) also exceeded 1,400 KRW per liter along with Seoul. Daegu had the lowest average gasoline price at 1,310.9 KRW per liter, down 7.6 KRW from the previous week.

Diesel prices also continued to decline. The diesel selling price in the fourth week of this month was 1,149.2 KRW, down 6.8 KRW from the previous week.

International oil prices showed a slight increase. Dubai crude oil, which is the benchmark for oil imported into Korea, rose by 0.5 dollars per barrel to 41.3 dollars, and international gasoline prices also increased by 0.5 dollars per barrel to 46.1 dollars.

The Korea National Oil Corporation analyzed, "Factors such as the decrease in U.S. crude oil inventories and the Federal Reserve Chairman's promise to support economic recovery are driving prices up, while factors such as Goldman Sachs' downward revision of the U.S. fourth-quarter economic growth forecast and Libya's resumption of oil exports are pushing prices down, resulting in a stable trend."