Korea's Fuel Prices Fall for 15th Straight Week Amid Global Oil Price Decline

Korea's fuel prices have dropped for the 15th consecutive week due to global oil price fluctuations. The average gasoline pump price at gas stations nationwide was 1,861.3 won per liter in the fourth week of August, down 1.2 won from the previous week.

The highest gasoline price was recorded in Seoul at 1,907.8 won per liter, a 1.1 won decrease from the previous week. Daegu had the lowest price at 1,834.2 won per liter, down 1.4 won from the previous week.

Diesel prices also declined, with the average diesel pump price at gas stations nationwide being 1,845.2 won per liter, a 0.5 won decrease from the previous week. International oil prices fell this week due to expectations for the reopening of the Strait of Hormuz and talks between the US and Iran.

The government is maintaining a petroleum price ceiling to reduce the impact of international oil price fluctuations on domestic petroleum product prices. The ninth petroleum ceiling price was set at 1,784 won per liter for gasoline, 1,773 won for diesel, and 1,380 won for kerosene.