Gasoline Prices at Gas Stations Drop for 5 Consecutive Weeks... Nationwide Average 1,641.8 Won

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

According to Opinet, the oil price information service of the Korea National Oil Corporation, the nationwide gasoline retail price for the third week of September recorded 1,641.8 KRW per liter, down 0.4 KRW from the previous week.

By region, the highest gasoline price was in Seoul, which fell 1.7 KRW from the previous week to 1,723.9 KRW per liter. This is 82.1 KRW higher than the national average price. The lowest price region, Daegu, recorded a gasoline price of 1,616.9 KRW per liter.

By brand, the average gasoline price at Altteul gas stations was the lowest at 1,616.8 KRW per liter. The most expensive was GS Caltex gas stations, with gasoline priced at 1,649.6 KRW per liter.

The average diesel retail price also fell by 0.5 KRW from the previous week to 1,436.2 KRW per liter.

The Korea National Oil Corporation stated, "Due to factors such as a decrease in U.S. crude oil inventories, ongoing production disruptions caused by hurricanes, and the International Energy Agency (IEA)'s forecast of increased oil demand in the fourth quarter, prices are currently on an upward trend."