Gasoline and diesel prices at nationwide gas stations have slightly decreased compared to the previous week, marking the 15th consecutive week of decline.
According to the Korea National Oil Corporation's Opinet, the average gasoline price at gas stations nationwide for the fourth week of August (August 23-27) was recorded at 1861.3 won per liter, down 1.2 won from the previous week.
Regionally, Seoul, which has the highest prices, saw a decrease of 1.1 won to 1907.8 won, while Daegu, the area with the lowest prices, recorded a drop of 1.4 won to 1834.2 won.
By brand, GS Caltex stations had the highest price at 1864.7 won, while discount stations offered the lowest price at 1852.5 won. The average diesel price also fell by 0.5 won to 1845.2 won.
This week, international oil prices were influenced by expectations of reopening the Strait of Hormuz, leading to a decline earlier in the week. However, negotiations between the U.S. and Iran stalled towards the end of the week, limiting the overall drop.
The price of Dubai crude, a benchmark for South Korea's imported crude oil, fell by $0.9 to $92.1 per barrel compared to last week. International gasoline prices decreased by $2.4 to $111.5, while international diesel prices dropped by $9.2 to $154.5. Typically, fluctuations in international oil prices are reflected in domestic gas station prices with a delay of about two to three weeks.
Meanwhile, the government is maintaining the maximum oil price system to minimize the impact of international oil price volatility on domestic prices and consumer costs. On August 21, the government announced the ninth maximum oil price, which remains the same as the previous eighth price. The maximum prices set for each fuel type are 1784 won per liter for gasoline, 1773 won for diesel, and 1380 won for kerosene.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.