Gasoline Prices at Gas Stations Fall for 11 Consecutive Weeks

[Image source=Yonhap News]

[Asia Economy Reporter Hwang Yoon-joo] Gasoline prices at gas stations nationwide have fallen for 11 consecutive weeks.

According to the Korea National Oil Corporation's oil price information service Opinet on the 7th, the nationwide gasoline retail price in the first week of November recorded 1,322.2 KRW per liter, down 5.7 KRW from the previous week.

Gasoline at SK Energy gas stations was the most expensive, averaging 1,331.4 KRW per liter, while gasoline at budget gas stations was the cheapest at 1,292.7 KRW per liter.

By region, the highest price was recorded in Seoul at 1,412 KRW per liter, while the lowest price was in Daegu, dropping to 1,286.3 KRW per liter.

Diesel prices at gas stations nationwide also fell by 5.9 KRW from the previous week, recording 1,122.5 KRW per liter.

International oil prices remain steady without significant fluctuations. Dubai crude oil, the benchmark for oil imported into Korea, rose by 0.2 USD per barrel from the previous week to 39.1 USD. International oil prices are reflected domestically with a 2 to 3 week lag. Since international oil prices have been stable over the past few weeks, domestic oil prices are expected to maintain a stable level for the time being.

The Korea National Oil Corporation explained, "The decline in international oil prices due to increased oil production in Libya and the rise caused by factors such as the decrease in U.S. crude oil inventories and the possibility of OPEC maintaining production cut levels are offsetting each other, resulting in a steady trend."