Gasoline Selling Price 1677.7 Won... Down 9.8 Won Compared to Last Week

Korea National Oil Corporation, Domestic Oil Price Trends for the First Week of December

[Asia Economy Reporter Joo Sang-don] According to the Korea National Oil Corporation on the 5th, the retail gasoline price at gas stations in the first week of December fell by 9.8 KRW from the previous week to 1,677.7 KRW/liter, marking a decline for three consecutive weeks.

The average price at discount gas stations was the lowest at 1,646.8 KRW/liter, while SK Energy gas stations recorded the highest price at 1,686.9 KRW/liter.

The highest-priced region, Jeju, saw gasoline prices drop by 0.8 KRW from the previous week to 1,739.5 KRW/liter, which is 61.8 KRW higher than the national average price. The lowest-priced region, Busan, experienced a 15.2 KRW decrease from the previous week to 1,641.2 KRW/liter, which is 36.5 KRW lower than the national average price.

The Dubai crude oil price for the first week of December was $71.8 per barrel, down $7.7 from the previous week. A Korea National Oil Corporation official stated, "International oil prices are declining due to factors such as the U.S. Federal Reserve's indication of a possible acceleration of tapering, border closures caused by the emergence of the Omicron variant, and the decision by the Organization of the Petroleum Exporting Countries (OPEC) and the OPEC Plus (OPEC+) coalition of major non-OPEC oil-producing countries including Russia to maintain their existing production increase plans."