SEOUL, July 04 (AJP) - Retail fuel prices in South Korea extended their decline for a seventh consecutive week, with the nationwide average gasoline price falling below 2,000 won per liter as lower global crude prices and the government's latest fuel price cap took effect.
The average price of regular gasoline fell 55.7 won from the previous week to 1,952.1 won ($1.43) per liter during the week of June 28 to July 2, according to data released by the Korea National Oil Corporation's Opinet on Friday.
Diesel prices also dropped for a seventh straight week, declining 58.9 won to an average of 1,942.4 won per liter.
Seoul recorded the country's highest average gasoline price at 1,976.6 won per liter, down 73 won from a week earlier, while Daejeon posted the lowest average at 1,916.4 won, a decrease of 77.4 won.
Among major refiners, S-Oil-operated stations posted the highest average gasoline price at 1,954.1 won per liter, while SK Energy stations offered the lowest average price at 1,950.5 won.
Domestic fuel prices have been falling steadily since the third week of May following easing international oil prices after the United States and Iran signed a memorandum of understanding aimed at ending hostilities. The pace of declines accelerated from late June as the agreement helped stabilize expectations over global crude supply.
Global oil prices edged lower this week as negotiations involving U.S. and Iranian officials, along with mediators in Doha, raised hopes of restoring oil supplies, although gains were limited by slow progress in the talks.
Dubai crude, South Korea's benchmark for imported oil, settled at $63.30 per barrel on July 2, down $1.10 from a week earlier.
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