▲ Gas Station
Gas prices at service stations across South Korea inched down from the previous week, extending their downward trend to 14 consecutive weeks.
According to the Korea National Oil Corporation's oil price information system, Opinet, on today (the 22nd), the average retail price of gasoline at gas stations nationwide for the third week of August (August 16–20) fell by 1.7 won per liter from the previous week to 1,862.5 won.
By region, Seoul recorded the highest price at 1,908.9 won per liter, down 1.0 won from the previous week, while Daegu recorded the lowest at 1,835.6 won, down 2.1 won.
Among refinery brands, GS Caltex stations posted the highest average price at 1,865.6 won, while budget (Alttul) stations recorded the lowest at 1,853.5 won.
The average retail price of automotive diesel dropped by 1.4 won from the previous week to 1,845.7 won.
International oil prices rose this week due to supply uncertainties, including intensified U.S. economic pressure on Iran following a stalemate in U.S.-Iran negotiations and worsening friction between the UAE and Iran. However, the upward pressure was limited by Saudi Arabia expanding alternative supplies.
Dubai crude, the benchmark for imported crude oil, rose 3.2 dollars from the previous week to 91.8 dollars per barrel.
International gasoline prices increased by 2.4 dollars to 113.8 dollars, and international automotive diesel rose by 4.0 dollars to 163.7 dollars.
Fluctuations in international oil prices are typically reflected in domestic gas station prices with a lag of about two to three weeks.
Meanwhile, to minimize the impact of international oil price fluctuations on domestic prices, the government designated the 9th ceiling price for petroleum on the 21st, keeping it identical to the 8th ceiling price.
The ceiling prices are set at 1,784 won per liter for gasoline, 1,773 won for diesel, and 1,380 won for kerosene.
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