Gas Prices Drop for 8th Consecutive Week; National Average Gasoline Price at 1,893 Won

▲ Gas station

Driven by the implementation of the 7th petroleum price ceiling and the stabilization of international oil prices, fuel prices at gas stations nationwide have continued to decline for eight consecutive weeks, with both gasoline and diesel prices falling into the high 1,800 won range.

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 second week of July (July 5–9) was 1,893 won per liter, down 59.1 won from the previous week.

By region, Jeju recorded the highest price at 1,926.7 won, down 52.0 won from the previous week, while Daegu recorded the lowest at 1,864.4 won, a decrease of 60.8 won.

By brand, S-Oil gas stations had the highest average price at 1,895.5 won, while Alttul (budget) gas stations had the lowest at 1,888.7 won.

The average retail price of diesel was 1,880.1 won, down 62.3 won from the previous week.

International oil prices rose slightly this week as tensions in the Strait of Hormuz were reignited by exchanges between the United States and Iran, raising concerns over passage.

However, the rise was limited by the decision of the seven OPEC+ nations to increase production in August and news of the UAE expanding its crude oil production following its withdrawal from OPEC+.

The price of Dubai crude, the benchmark for imported oil, was 67.8 dollars, up 2.0 dollars from the previous week.

International gasoline prices fell by 2.0 dollars to 95.0 dollars, while international automotive diesel prices rose by 5.5 dollars to 120.6 dollars.

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

It is highly likely that fuel prices at gas stations nationwide will continue their downward trend next week.

Previously, the government applied the 7th petroleum price ceiling starting at midnight on June 27, lowering the prices of gasoline to 1,784 won per liter, diesel to 1,773 won, and kerosene to 1,380 won, a reduction of 150 won for each.

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