Slowing Fuel Price Decline Hits Korea Amid Rising Global Oil Costs

Korea's fuel prices have fallen for a 10th consecutive week, but at a slower rate than before. According to Opinet, the oil price information system of Korea National Oil Corporation (KNOC), the average retail price of gasoline nationwide in the fourth week of July was 1,872.4 won per liter, down 5.1 won from the previous week.

The decline in fuel prices is slowing due to rising international oil prices amid tensions in the Middle East. Dubai crude, the benchmark for Korea's imported oil, increased by $21.4 to $97.2 per barrel this week. International gasoline prices also rose, increasing by $18.7 to $124.7 per barrel.

The government has frozen maximum petroleum prices to reduce the impact of rising international oil prices on domestic consumer prices. The eighth round of maximum petroleum prices, which started at midnight, will be kept at the same level as the seventh round.