The weekly average prices of gasoline and diesel at domestic gas stations have fallen for five consecutive weeks.
According to the Korea National Oil Corporation's oil price information system Opinet on the 31st, the average selling price of gasoline at gas stations nationwide in the fourth week of August (25?29) recorded 1,672.5 KRW per liter, down 16.4 KRW from the previous week.
By region, Seoul, which had the highest price, fell by 17.2 KRW to 1,732.3 KRW, and Daegu, which had the lowest price, dropped by 21.5 KRW to 1,637.6 KRW. The cheapest brand was Altteul Gas Station, with an average price of 1,646.4 KRW per liter. The average selling price of diesel recorded 1,510.2 KRW per liter, down 16.4 KRW.
International oil prices, which fell last week, rose this week due to Libya's oil production halt and expectations of a US interest rate cut in September. The price of Dubai crude, the imported crude oil price, rose by 1.7 USD per barrel to 78.0 USD compared to the previous week. International gasoline prices increased by 1.0 USD to 84.2 USD, and international automotive diesel rose by 0.4 USD to 90.6 USD.
Changes in international oil prices are usually reflected in domestic gas station prices with a lag of about 2 to 3 weeks. A representative from the Korea Petroleum Association said, "Although international oil prices rose slightly this week, the decline until last week was greater, and the won-dollar exchange rate is weak, so domestic selling prices of gasoline and diesel are expected to continue to fall next week."
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