Gas prices at gas stations across the country have fallen for the 11th consecutive week.

For the fifth week of July (July 26–30), the average retail price of gasoline at gas stations nationwide stood at 1,869.1 won per liter, down 3.3 won from the previous week.

Seoul recorded the highest prices at 1,910.1 won per liter, down 1.2 won from the previous week, while Ulsan posted the lowest prices at 1,843.8 won, down 1.6 won.

By brand, GS Caltex gas stations recorded the highest average price at 1,873.3 won per liter, whereas budget (Altteul) gas stations offered the lowest at 1,861.3 won.

The average retail price of diesel fell 4.1 won from the previous week to 1,852.8 won per liter.

International oil prices dropped this week amid a temporary halt in hostilities between the United States and Iran, as well as ongoing discussions to establish a multinational coalition led by Saudi Arabia to guarantee freedom of navigation in the Red Sea.

Dubai crude, the benchmark for imported crude oil, dropped 7.2 dollars from the previous week to 80.7 dollars per barrel.

International gasoline prices fell 2.9 dollars to 115.9 dollars, while international automotive diesel decreased 2.0 dollars to 158.0 dollars.

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

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

On the 25th of last month, the government designated the 8th petroleum price ceiling to be identical to the 7th ceiling.

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)