Gas Prices Drop for 9th Consecutive Week, but Decline Slows Amid Rising Middle East Tensions

▲ Gas Station

Gas prices at gas stations across the country have continued their downward trend for nine consecutive weeks. However, the pace of the decline for both gasoline and diesel has slowed as anxieties over the Middle East conflict have intensified once again.

According to Opinet, the oil price information system operated by the Korea National Oil Corporation, on July 18, the average retail price of gasoline at gas stations nationwide for the third week of July (July 12 – 16) was 1,877.5 won per liter, down 15.5 won from the previous week.

This marks a significant slowdown in the downward trend compared to the second week of July, when prices fell by 59.1 won per liter from the week prior.

Jeju, which recorded the highest prices, saw a decrease of 12.0 won to 1,914.8 won, while Daegu, which had the lowest prices, saw a decrease of 14.3 won to 1,850.1 won.

By brand, GS Caltex gas stations had the highest average price at 1,881.6 won, while budget gas stations had the lowest at 1,870.5 won.

The average retail price of diesel was 1,862.5 won per liter, down 17.7 won from the previous week.

This decline is also significantly smaller compared to the second week of July, when prices dropped by 62.3 won from the previous week.

International oil prices rose this week as armed conflicts between the United States and Iran over control of the Strait of Hormuz continued.

Dubai crude, the benchmark for imported crude oil, rose 9.5 dollars from the previous week to 77.6 dollars per barrel.

International gasoline prices rose 9.3 dollars to 104.2 dollars, and international automotive diesel prices rose 22.7 dollars to 144.3 dollars.

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

With international oil prices returning to an upward trend, attention is also focused on the direction of the government's 8th maximum petroleum price, which will be announced next week.

Previously, the government implemented the 7th maximum petroleum price starting at 00:00 on June 27, lowering prices by 150 won each to 1,784 won per liter for gasoline, 1,773 won for diesel, and 1,380 won for kerosene.

(Photo: Yonhap News)

※