The weekly average prices of gasoline and diesel at domestic gas stations have turned downward for the first time in seven weeks.
According to Opinet, the Korea National Oil Corporation's oil price information system, the nationwide average retail price of gasoline at gas stations for the second week of December (December 7 to December 11) was 1,746.0 won per liter, down 0.7 won from the previous week.
By region, Seoul recorded the highest price at 1,810.8 won, unchanged from the previous week, while Daegu posted the lowest price at 1,719.1 won, down 2.0 won.
By brand, SK Energy gas stations had the highest average price at 1,753.4 won per liter, while budget gas stations had the lowest at 1,724.7 won.
The average retail price of diesel was 1,660.5 won, down 2.4 won compared to the previous week.
This week, international oil prices declined as expectations for progress in a Russia-Ukraine ceasefire agreement continued. However, the drop was limited due to factors such as the United States' seizure of a Venezuelan oil tanker and the Federal Reserve's interest rate cuts.
Dubai crude, which serves as the benchmark for imported crude oil prices, was $62.7 per barrel, down $1.1 from the previous week.
The international price of gasoline was $78.0 per barrel, down $1.4, while the international price of automotive diesel was $84.3 per barrel, down $2.1. Changes in international oil prices are typically reflected in domestic gas station prices with a lag of about two to three weeks.
An official from the Korea Petroleum Association stated, "While international gasoline prices continue to fluctuate, international diesel prices are consistently declining," adding, "Next week, domestic diesel prices are expected to continue falling, but gasoline prices are likely to remain relatively steady with a slight downward trend."
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