Gas Station Prices Fall for 16th Consecutive Week... Gasoline at 1,860 Won, Diesel at 1,845 Won

Gas prices at gas stations across the country saw a slight decline compared to the previous week, extending their downward trend for the 16th consecutive week.

According to Opinet, the oil price information system operated by the Korea National Oil Corporation, on September 5, the average selling price of gasoline at gas stations nationwide for the first week of September (August 30–September 3) dropped by 1.1 won per liter from the previous week to 1,860.2 won.

Seoul, which recorded the highest prices, saw a decrease of 1.2 won from the previous week to 1,906.6 won, while Daegu, which had the lowest prices, fell by 1.2 won to 1,833.0 won.

By brand, GS Caltex gas stations recorded the highest average price at 1,863.3 won, while expressway-affiliated, budget gas stations (Alddul gas stations) offered the lowest at 1,851.0 won.

The average selling price of diesel fell by 0.7 won from the previous week to 1,844.5 won.

International oil prices surged this week as escalating tensions between the United States and Iran heightened concerns over logistics disruptions in the Strait of Hormuz.

Dubai crude, the benchmark for imported crude oil, rose by 7.6 dollars from the previous week to 99.9 dollars per barrel.

International gasoline prices increased by 8.8 dollars to 120.8 dollars, and international automotive diesel prices went up by 8.1 dollars to 159.2 dollars.

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

The government is maintaining ceiling prices on petroleum products to minimize the impact of international oil price fluctuations on domestic prices.

On August 21, the government designated the 9th petroleum ceiling prices at the same level as the 8th ceiling prices.

The ceiling prices are set at 1,784 won per liter for gasoline, 1,773 won for diesel, and 1,380 won for kerosene.
※ Please note: This article was translated by AI and may contain errors.