S Korea Gas Prices Fall for 18th Straight Week Amid Price Ceiling

Despite rising global oil prices, gas prices at South Korean stations fell for the 18th consecutive week due to the government's ceiling price system. The average selling price of gasoline dropped by 0.5 won from the previous week to 1,858.6 won per liter, according to Opinet.

Seoul recorded the highest prices at 1,904.4 won per liter, while Daegu recorded the lowest at 1,830.7 won. GS Caltex gas stations had the highest average price at 1,861.6 won, and budget (Alttel) gas stations had the lowest at 1,849.1 won.

The government has set a maximum petroleum price cap to minimize the impact of international oil price fluctuations on domestic prices. The caps are set at 1,784 won per liter for gasoline, 1,773 won for diesel, and 1,380 won for kerosene.

The decline in gas station prices is expected to expand next week as the government has decided to lower fuel prices by 100 won per liter compared to September 17 at 226 highway gas stations managed by the Korea Expressway Corporation during the Chuseok holiday period.