Gasoline down 17.8 KRW per liter, Diesel down 8.6 KRW per liter
The retail prices of gasoline and diesel at domestic gas stations in South Korea have declined for the fourth consecutive week. This is interpreted as a result of the international oil price trend slowing down, leading to a decrease in domestic fuel prices.
According to the Korea National Oil Corporation's oil price information system, OPINET, during the first week of November (October 29 to November 2), the nationwide average gasoline retail price fell by 17.8 KRW from the previous week to 1,745.8 KRW per liter.
The highest gasoline price was recorded in Seoul at 1,820.2 KRW per liter, down 20.1 KRW from the previous week, while Daegu, the region with the lowest price, saw a decrease of 15.6 KRW to 1,688.0 KRW per liter.
By brand, SK Energy gas stations had the highest average price at 1,753.0 KRW per liter, while budget gas stations (Altteul gas stations) were the cheapest at 1,717.9 KRW per liter.
The diesel retail price dropped by 8.6 KRW from the previous week to 1,675.9 KRW per liter. The prices of gasoline and diesel at domestic gas stations have been declining since the second week of October, ending a 14-week period of rising prices.
Meanwhile, international oil prices fell this week. Factors such as reduced risks related to the Israel-Hamas conflict, intensified concerns over a global economic recession, and an increase in U.S. weekly crude oil inventories contributed to the price decline.
The Dubai crude oil price, which serves as the benchmark for imported crude, dropped by 2.5 USD to 87.9 USD per barrel compared to the previous week. International gasoline prices decreased by 1.7 USD to 94.1 USD, and international automotive diesel prices fell by 3.1 USD to 112.9 USD.
International oil prices generally take about two weeks to be reflected in domestic gas station prices. Accordingly, domestic retail prices are expected to continue their downward trend next week as well.
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