Gasoline prices at nationwide gas stations have continued to decline for the 21st consecutive week. Regionally, gasoline prices in Seoul were the highest, while Daegu recorded the lowest, showing a difference of over 74 won per liter.
According to the Korea National Oil Corporation's oil price information system, Opinet, the average selling price of regular gasoline at gas stations nationwide for the first week of October (October 4-8) was 1,857.6 won per liter, down 0.4 won from the previous week. The average selling price of diesel also fell by 0.1 won to 1,843.3 won per liter.
In terms of regional gasoline prices, Seoul had the highest price at 1,904 won per liter, while Daegu had the lowest at 1,829.8 won per liter. Seoul's price decreased by 0.2 won, and Daegu's price fell by 0.3 won compared to the previous week.
The price difference between the two regions is 74.2 won per liter. When calculated for a 50-liter fill-up, this means drivers in Seoul would pay about 3,710 won more than those in Daegu, based on the price difference of 74.2 won multiplied by 50 liters.
By brand, GS Caltex had the highest average selling price for gasoline at 1,861 won per liter, while discount gas stations offered the lowest at 1,845.7 won. The difference between the two brands is 15.3 won per liter, resulting in a price gap of about 765 won for a 50-liter fill-up.
While domestic gas station prices have continued to decline, international oil product prices have shown mixed trends.
According to Opinet, the price of Dubai crude oil, which serves as a benchmark for imported crude, rose by $0.2 to $108 per barrel this week. The international gasoline price increased by $3.1 to $147.4 per barrel, while the price of international diesel fell by $4.2 to $170.1 per barrel.
Changes in international oil prices and product prices typically reflect in domestic gas station prices with a delay of about 2 to 3 weeks. Therefore, if the upward trend in international gasoline prices continues, it could impact the ongoing decline in domestic prices. However, future price directions will need to consider fluctuations in international oil prices, exchange rates, and distribution stage prices.
The government is maintaining a maximum oil price system to mitigate the impact of international oil price fluctuations on domestic oil product prices. The 10th maximum oil price, designated on September 18, remains unchanged at 1,784 won per liter for gasoline, 1,773 won for diesel, and 1,380 won for kerosene.
Despite the 21-week consecutive decline in national gasoline prices, the recent weekly drop has not reached even 1 won per liter. Given the ongoing price differences by region and gas station, drivers are advised to compare selling prices at nearby gas stations through Opinet before refueling.
* This article has been translated by AI.
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