Gas prices at stations across the country have fallen for the 14th consecutive week, although the decrease has been modest.
According to the Korea National Oil Corporation's oil price information system, Opinet, the average selling price of gasoline at nationwide stations for the third week of August (August 16-20) was 1,862.5 won per liter, down 1.7 won from the previous week.
Regionally, gasoline prices in Seoul were the highest at 1,908.9 won per liter, a decrease of 1.0 won from the previous week. Daegu reported the lowest price at 1,835.6 won, down 2.1 won.
By brand, GS Caltex stations had the highest gasoline price at 1,865.6 won per liter, while discount stations offered the lowest price at 1,853.5 won.
The average selling price of diesel was recorded at 1,845.7 won per liter, down 1.4 won from the previous week.
International oil prices rose this week amid stalled negotiations between the U.S. and Iran, increasing economic pressure from the U.S. on Iran, and escalating tensions between the UAE and Iran, which heightened supply concerns. However, increased alternative supplies from Saudi Arabia limited the extent of the price rise.
The price of Dubai crude, a benchmark for imported crude oil, increased by $3.2 to $91.8 per barrel. International gasoline prices rose by $2.4 to $113.8, while international diesel prices increased by $4.0 to $163.7.
Changes in international oil prices typically reflect in domestic station prices with a delay of 2 to 3 weeks. To mitigate the impact of international price fluctuations on domestic oil product prices, the government designated the 9th oil price ceiling on August 21 at the same level as the 8th. The ceiling prices are set at 1,784 won per liter for gasoline, 1,773 won for diesel, and 1,380 won for kerosene.
* This article has been translated by AI.
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