Gas Prices in South Korea Fall for 6th Consecutive Week, Averaging 2,007 Won

▲ Refueling

Average weekly prices for gasoline and diesel at gas stations across South Korea have fallen for six consecutive weeks.

With the government implementing the 7th reduction in maximum petroleum price ceilings, domestic fuel prices are expected to continue their downward trend next week.

According to Opinet, the oil price information system operated by the Korea National Oil Corporation, the average retail price of gasoline at gas stations nationwide for the fourth week of June (June 21–25) was 2,007.8 won per liter, down 1.4 won from the previous week.

By region, Seoul recorded the highest price at 2,049.6 won, down 1.6 won from the previous week, while Daegu recorded the lowest at 1,987.8 won, down 1.8 won.

By brand, SK Energy stations had the highest average price at 2,011.0 won, while self-service (Alttul) gas stations had the lowest at 1,995.4 won.

The average retail price of diesel was 2,001.3 won, a decrease of 2.8 won from the previous week.

International oil prices fell this week due to the successful conclusion of high-level talks between the United States and Iran and the easing of U.S. sanctions on Iranian oil exports, but the decline was limited by rising tensions in the Strait of Hormuz.

The price of Dubai crude, the benchmark for imported oil, was 69.1 dollars, down 5.5 dollars from the previous week.

International gasoline prices fell by 3.2 dollars to 100.6 dollars, and international automotive diesel prices dropped by 3.1 dollars to 112.8 dollars.

Changes in international oil prices are typically reflected in domestic gas station prices with a lag of about two to three weeks.

Meanwhile, the government lowered the 7th maximum petroleum price ceilings by 150 won per liter for each fuel type, effective as of 0:00 today, June 27.

Accordingly, the price ceilings were set at 1,784 won for gasoline, 1,773 won for diesel, and 1,380 won for kerosene.

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