Korea Gas Prices Fall 15 Weeks Straight

South Korean gasoline prices fell for the 15th consecutive week to ₩1,861.3 per liter in the fourth week of August, according to data from Opinet, the oil price information system of the Korea National Oil Corporation.

The average retail price of gasoline at gas stations across South Korea during this period was down ₩1.2 from the previous week, while diesel prices fell by ₩0.5 to ₩1,845.2 per liter.

Dubai crude, the benchmark for South Korea's imported crude oil prices, decreased $0.9 to $92.1 per barrel due to expectations of a reopening of the Strait of Hormuz, although losses were limited by stalled US-Iran negotiations.