Gasoline Price Drops to 1,534.8 Won per Liter After 21 Weeks

[Asia Economy Reporter Joo Sang-don] Gasoline prices at gas stations have fallen for the first time in 21 weeks.

According to the Korea National Oil Corporation on the 18th, the retail gasoline price at gas stations in the second week of April recorded 1,534.8 won per liter, down 0.2 won from the previous week. This marks the end of the gasoline price increase trend that began in late November last year after 21 weeks.

For gasoline, the average price at Alttul gas stations was the lowest at 1,510.1 won per liter, while GS Caltex gas stations recorded the highest price at 1,542.0 won.

The highest-priced region, Jeju, saw gasoline prices rise by 0.7 won from the previous week to 1,632.5 won, which is 97.7 won higher than the national average price. The lowest-priced region, Daegu, recorded a gasoline price of 1,511.1 won, down 0.3 won from the previous week, which is 23.7 won lower than the national average price.

Diesel prices fell by 0.3 won from the previous week to 1,333.1 won. The average price at Alttul gas stations was the lowest at 1,304.8 won, while GS Caltex gas stations recorded the highest price at 1,341.3 won.

This week, international oil prices are on the rise due to the U.S. Federal Reserve's indication of maintaining an accommodative monetary policy, a decrease in U.S. crude oil inventories, an upward revision of this year's oil demand forecast, attacks by Yemeni rebels on Saudi Arabia, and the announcement of Iran's uranium enrichment expansion, which has caused instability in the Middle East.