Domestic Fuel Prices Fall for 22nd Consecutive Week... Gasoline and Diesel Remain in 1,800-Won Range

Fuel prices at gas stations nationwide dropped slightly from the previous week, extending their downward trend to the 22nd consecutive week.

According to Opinet, the oil price information system operated by the Korea National Oil Corporation, the average retail price of gasoline at gas stations nationwide in the second week of October stood at 1,856.6 won per liter, down 0.9 won from the previous week.

Seoul recorded the highest price at 1,902.5 won, down 0.8 won from the previous week, while Daegu recorded the lowest at 1,829.9 won, down 0.4 won.

By brand, GS Caltex gas stations had the highest average price at 1,859.6 won, while budget gas stations were the lowest at 1,846.9 won.

The average retail price of diesel fell 0.5 won from the previous week to 1,842.8 won.

International oil prices rose this week as attacks on vessels navigating the Strait of Hormuz increased and military clashes continued between the Houthi rebels and Saudi Arabia.

Dubai crude, the benchmark for imported crude oil, rose 0.5 dollars per barrel from the previous week to 108.6 dollars.

International gasoline prices dropped 7.8 dollars to 138.5 dollars, while international automotive diesel rose 1.1 dollars to 171.2 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 to mitigate the impact of international oil price fluctuations on domestic prices.

The previous day, the government set the 11th ceiling price for petroleum at the same level as the 10th ceiling price.

The rates are set 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.