▲ Refueling
Fuel prices at gas stations across the country edged down compared to the previous week, continuing a downward trend for the 20th consecutive week.
According to Opinet, the oil price information system operated by the Korea National Oil Corporation, on October 3, the average retail price of gasoline at gas stations nationwide for the fifth week of September (September 27 – October 1) stood at 1,857.6 won per liter, down 0.4 won from the previous week.
Seoul, which recorded the highest prices, saw a decrease of 0.2 won from the previous week to 1,904.0 won, while Daegu, which had the lowest prices, dropped 0.3 won to 1,829.8 won.
The average retail price of diesel recorded 1,843.3 won per liter, down 0.1 won compared to the previous week.
This week, international oil prices saw eased concerns over crude supply disruptions due to the recovery of Middle East crude exports and the restart of Saudi Arabia's East-West pipeline, though limited petroleum product supplies restricted the extent of the drop.
Dubai crude, the benchmark for imported crude prices, stood at $107.6 per barrel, down $5.5 from the previous week.
International gasoline prices rose $3.3 to $143.3, while international automotive diesel fell $1.8 to $174.9.
Fluctuations in international oil prices are typically reflected in domestic gas station prices with a lag of about two to three weeks.
The government maintains ceiling prices on petroleum products to minimize the impact of international oil price fluctuations on domestic prices.
On September 18, the 10th petroleum ceiling prices were set at the same level as the 9th ceiling prices.
The 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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