Gas Prices Fall for 17th Consecutive Week, but Rising Global Oil Costs Expected to Reflect Later This Month

While global oil prices have maintained an upward trend, retail gas prices across South Korea edged down slightly from the previous week due to the government's ceiling price system, marking the 17th consecutive week of decline.

According to Opinet, the oil price information system operated by the Korea National Oil Corporation, the average retail price of gasoline nationwide for the second week of September (September 6–10) fell 1.1 won from the previous week to 1,859.1 won per liter.

Seoul recorded the highest average price at 1,905.3 won, down 1.3 won from the previous week, while Daegu recorded the lowest at 1,832.1 won, down 0.9 won.

Among refinery brands, GS Caltex stations posted the highest average price at 1,862.3 won, whereas no-frills discount (altteul) stations recorded the lowest at 1,849.2 won.

The average retail price of automotive diesel decreased by 0.5 won from the previous week to 1,844.0 won per liter.

International oil prices rose this week amid concerns over crude transportation disruptions stemming from the escalation of armed conflicts in the Middle East and projections that the war could be prolonged.

Dubai crude, the benchmark for imported crude oil, rose 14.4 dollars from the previous week to 114.7 dollars per barrel.

International gasoline prices climbed 9.9 dollars to 131.2 dollars, and international automotive diesel rose 5.6 dollars to 170.4 dollars.

Fluctuations in global oil prices typically take about two to three weeks to be reflected at domestic gas stations.

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

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

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

The 10th petroleum ceiling prices are scheduled to be announced later this month.

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