[Asia Economy Reporter Hwang Yoon-joo] Nationwide gasoline prices have fallen for nine consecutive weeks.
According to the Korea National Oil Corporation's oil price information service OPINET on the 24th, the nationwide gasoline retail price at gas stations in the third week of October was 1,331.3 KRW per liter, down 3.3 KRW from the previous week.
The most affordable gasoline was at Altteul gas stations at 1,302.4 KRW per liter, while SK Energy gas stations had the highest price at 1,339.8 KRW per liter. The highest-priced region, Seoul, recorded a gasoline price of 1,422.7 KRW per liter, which is 91.3 KRW higher than the national average (1,331.3 KRW).
The average gasoline price in Daegu was 1,297.2 KRW per liter, 34.1 KRW lower than the average, making it the cheapest nationwide. Currently, Seoul is the only region where gasoline prices are in the 1,400 KRW range per liter. Diesel prices also fell by 3.5 KRW from the previous week, recording 1,131.9 KRW per liter.
International oil prices showed a stable trend.
Dubai crude oil, the benchmark for crude oil imported into Korea, remained unchanged from last week at 41.6 dollars per barrel. International gasoline fell by 0.1 dollars per barrel to 45.1 dollars, and international automotive diesel dropped by 0.7 dollars per barrel to 44.4 dollars.
The Korea National Oil Corporation explained, "The decline factors such as difficulties in negotiating the US economic stimulus package and reduced oil demand due to the aftermath of hurricanes, and the rise factors such as OPEC's commitment to stabilize the oil market and increased refining input in China have offset each other, resulting in a stable trend."
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