Korea's Fuel Prices Continue to Fall Amid Global Oil Price Drop

Korea has seen its 12th consecutive week of declining fuel prices, but pump costs remain near the 1,800 won mark. According to Opinet, the oil price information system of Korea National Oil Corporation (KNOC), the average retail price of gasoline at stations nationwide in the first week of August was 1,866.2 won per liter. Diesel prices also fell, averaging 1,849.2 won per liter.

The recent drop in domestic gasoline and diesel prices appears to be linked to a decline in global oil prices. As expectations grew over talks between the United States and Iran on transit in the Strait of Hormuz, global oil prices fell. Dubai crude, the benchmark for imported oil prices, dropped by $1.4 from the previous week to $79.5 per barrel.