Domestic Fuel Prices Fall for 21st Consecutive Week, Remaining in the 1,800 Won Range

Gas prices at gas stations across the country edged down from the previous week, extending their downward trend for the 21st consecutive week.

According to Opinet, the oil price information system operated by the Korea National Oil Corporation, on October 10, the average sales price of gasoline at gas stations nationwide for the first week of October (October 4 to 8) was 1,857.6 won per liter, down 0.4 won from the previous week.

Seoul, which recorded the highest prices, fell 0.2 won from the previous week to 1,904.0 won, while Daegu, which recorded the lowest prices, dropped 0.3 won to 1,829.8 won.

By brand, GS Caltex gas stations recorded the highest average price at 1,861.0 won, while budget gas stations recorded the lowest at 1,845.7 won.

The average sales price of diesel fell 0.1 won from the previous week to 1,843.3 won.

This week, international oil prices closed slightly higher amid concerns over supply disruptions caused by the possibility of the U.S. resuming large-scale military operations against Iran and expanding attacks on oil tankers in the Middle East, despite an increase in crude oil exports from the region.

Dubai crude, the benchmark for imported crude oil, rose 0.2 dollars from the previous week to 108.0 dollars per barrel.

International gasoline prices rose 3.1 dollars to 147.4 dollars, while international automotive diesel fell 4.2 dollars to 170.1 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 September 18, the 10th petroleum ceiling prices were set at the same levels as the 9th 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.

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