Despite Cargo Solidarity Strike, Oil Prices Continue to Fall... Gasoline Down 15 Won

13 Consecutive Weeks of Decline... Seoul Drops 2.5 Won to 1699 Won

[Asia Economy Reporter Byeon Seon-jin] The selling prices of gasoline and diesel at domestic gas stations continue to decline.

According to the Korea National Oil Corporation's oil price information system 'Opinet' on the 10th, the average selling price of gasoline at gas stations nationwide in the first week of December (4th to 8th) was 1,611.1 won, down 15.1 won from the previous week. Gasoline prices have fallen for 13 consecutive weeks on a weekly basis. The average gasoline price this week in Seoul, the region with the highest domestic price, fell by 2.5 won to 1,699.6 won, while Daegu, the region with the lowest price, dropped by 19.9 won to 1,544.8 won.

The diesel selling price was 1,845.7 won, down 16.2 won from the previous week. Diesel prices have declined for three consecutive weeks on a weekly basis, but the 'price inversion,' where diesel is on average more than 200 won more expensive than gasoline, continued.

Although many gas stations ran out of stock due to the total strike by the Cargo Solidarity Union, gasoline and diesel selling prices fell together amid the decline in international oil prices.

This week, international oil prices showed a downward trend due to increased U.S. petroleum product inventories, worsening Chinese export indicators, and concerns over a global economic recession. The average price of Dubai crude oil, the benchmark for imported crude oil, this week was $76.7 per barrel, down $3.4 from the previous week. The international average price of gasoline was $83.4 per barrel, down $3.5, and the international automotive diesel price was $109.5 per barrel, down $7.1.

Since international oil prices are reflected in domestic petroleum product prices with a lag of 2 to 3 weeks, the downward trend is expected to continue next week as well.