Domestic Fuel Prices Fall for 19th Consecutive Week Affected by Price Ceilings and Expressway Gas Station Discounts

Gasoline prices at gas stations nationwide inched down from the previous week, extending their downward trend for the 19th consecutive week, influenced by the government's ceiling price system and discounted fuel prices at highway gas stations for the Chuseok holiday.

According to Opinet, the oil price information system operated by the Korea National Oil Corporation, on September 26, the average retail price of gasoline at gas stations nationwide for the fourth week of September (September 20 to 24) stood at 1,858.0 won per liter, down 0.6 won from the previous week.

Seoul recorded the highest average price at 1,904.2 won, down 0.2 won from the previous week, while Daegu recorded the lowest at 1,830.1 won, down 0.6 won.

By brand, GS Caltex gas stations recorded the highest average price at 1,861.5 won, while budget (Alttul) gas stations recorded the lowest at 1,845.9 won.

The average retail price of diesel fell 0.5 won from the previous week to 1,843.4 won per liter.

International oil prices fell this week due to factors including the resumption of operations at Saudi Arabia's East-West pipeline, which had been damaged by attacks from Yemen's Houthi rebels, and discussions between the United States and Iran on a phased agreement.

Dubai crude, the benchmark for imported crude oil, dropped 11.9 dollars from the previous week to 113.0 dollars per barrel.

International gasoline prices fell 3.2 dollars to 139.9 dollars, while international automotive diesel fell 15.9 dollars to 177.4 dollars.

Fluctuations in international oil prices typically take about two to three weeks to be reflected in domestic gas station prices.

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

On September 18, the government set the 10th petroleum price ceiling at the same level as the 9th ceiling.

The ceilings are set at 1,784 won per liter for gasoline, 1,773 won for diesel, and 1,380 won for kerosene.

In addition, the government lowered fuel prices by 100 won per liter compared to September 17 at 226 state-managed highway gas stations operated by the Korea Expressway Corporation during the Chuseok holiday period (September 24 to 27), which also partially contributed to the downward stabilization of gas station prices.

The decline in domestic gas station prices is likely to expand further next week.

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