Gas Prices at South Korean Service Stations Fall for 15th Consecutive Week, Remaining in the 1,800-Won Range

Gasoline and diesel prices at gas stations across South Korea inched down from the previous week, extending their downward trend for the 15th consecutive week.

According to Opinet, the oil price information system operated by the Korea National Oil Corporation, the average selling price of gasoline at nationwide gas stations for the fourth week of August (August 23–27) fell 1.2 won per liter from the previous week to 1,861.3 won.

By region, Seoul posted the highest average price at 1,907.8 won per liter, down 1.1 won from the previous week, while Daegu recorded the lowest at 1,834.2 won, down 1.4 won.

Among refinery brands, GS Caltex gas stations had the highest average price at 1,864.7 won per liter, whereas budget gas stations offered the lowest at 1,852.5 won.

The average selling price of automotive diesel dropped 0.5 won from the previous week to 1,845.2 won per liter.

International oil prices this week were driven downward mid-week by expectations of the reopening of the Strait of Hormuz, though a stalemate in negotiations between the United States and Iran limited the extent of the decline toward the end of the week.

Dubai crude, the benchmark for imported crude oil, dropped 0.9 dollars per barrel from the previous week to 92.1 dollars.

International gasoline prices fell 2.4 dollars to 111.5 dollars per barrel, and international automotive diesel fell 9.2 dollars to 154.5 dollars.

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

Meanwhile, the government is maintaining price ceilings on petroleum products to minimize the impact of international oil price volatility on domestic prices.

On August 21, the government set the ninth petroleum price ceiling at the same level as the eighth ceiling.

The ceiling prices stand at 1,784 won per liter for gasoline, 1,773 won for diesel, and 1,380 won for kerosene.

(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.