Gas Station Prices Fall for 23rd Consecutive Week, Hovering in 1,800-Won Range for Gasoline and Diesel

Gas prices at gas stations across the country edged down compared to the previous week, continuing a downward trend for the 23rd consecutive week.

According to Opinet, the oil price information system operated by the Korea National Oil Corporation, on the 24th, the average selling price of gasoline at gas stations nationwide for the third week of October (October 18–22) was 1,857.1 won per liter, down 0.5 won from the previous week.

Seoul, which recorded the highest prices, saw a decrease of 0.3 won from the previous week to 1,902.3 won, while Daegu, which had the lowest prices, dropped 0.9 won to 1,828.0 won.

By brand, GS Caltex gas stations recorded the highest average price at 1,859.0 won, while undifferentiated budget (altteul) gas stations recorded the lowest at 1,846.6 won.

The average selling price of diesel fell 0.3 won from the previous week to record 1,842.5 won.

International oil prices rose this week due to supply instability driven by heightened tensions in the Middle East, including the possibility of U.S. strikes on Iran and attacks by Yemen's Houthi rebels on Saudi Arabia.

Dubai crude, the benchmark for imported crude oil, stood at 111.1 dollars per barrel, up 2.9 dollars from the previous week.

International gasoline prices fell 3.2 dollars to 133.4 dollars, while international automotive diesel rose 5.5 dollars to 176.2 dollars.

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

To mitigate the impact of international oil price fluctuations on domestic prices, the government maintains ceiling prices on petroleum products.

Previously, the government set the 11th ceiling prices for petroleum at the same levels as the 10th ceiling prices: 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.