Gasoline Prices at Gas Stations Fall for 9 Consecutive Weeks... Seoul Sees 0.4 Won Increase

Gasoline Price Drop Narrows to 0.5 Won, Effectively Stable

Gasoline prices at gas stations nationwide have been declining for six consecutive weeks since the government's fuel tax reduction measure in November. The gasoline price in Seoul has dropped to the 1,600 won per liter range for the first time in five months. According to Opinet, the oil price information site of the Korea National Oil Corporation, the gasoline selling price in the fourth week of this month recorded 1,634.6 won per liter, down 14.3 won from the previous week. Photo by Moon Honam on the 26th at a gas station in Seoul.

[Asia Economy Reporter Hwang Yoon-joo] Gasoline prices at gas stations nationwide have fallen for nine consecutive weeks following the government's fuel tax reduction measure (November 12). While the rate of decline has slowed, the average price in the Seoul area has actually increased. With international oil prices rising for three consecutive weeks, gasoline prices at gas stations nationwide are expected to remain steady starting next week.

According to the Korea National Oil Corporation's oil price information site Opinet on the 14th, the gasoline retail price at gas stations nationwide in the second week of this month recorded 1,621.9 KRW per liter, down 0.5 KRW from the previous week.

The decline in gasoline prices has sharply decreased since the fuel tax cut, from 90.4 KRW → 29.1 KRW → 9.8 KRW → 13.0 KRW → 15.8 KRW → 14.3 KRW → 9.9 KRW → 3.8 KRW.

By region, Seoul, the area with the highest price nationwide, saw gasoline prices rise by 0.4 KRW to 1,690.8 KRW per liter compared to the previous week, while Daegu, the lowest-priced region, dropped by 3.2 KRW to 1,588.1 KRW per liter. By brand, GS Caltex gas stations were the most expensive at 1,631.2 KRW per liter, and budget gas stations were the cheapest at 1,589.3 KRW per liter.

Diesel prices at gas stations nationwide also fell by 1.0 KRW to 1,439.9 KRW per liter.

International oil prices have risen for three consecutive weeks. The average price of Dubai crude, the benchmark for domestic imported crude oil, increased by 2.9 dollars to 81.4 dollars per barrel. International gasoline prices rose by 2.2 dollars to 93.7 dollars per barrel.

The Korea National Oil Corporation explained, "This week, international oil prices are on the rise due to factors such as a decrease in U.S. crude oil inventories, indications of the Federal Reserve's quantitative tightening possibly continuing until the end of the year, and disruptions in Libyan oil exports."