South Korea Sees 12th Straight Week of Falling Gas Prices

The price of gasoline and diesel in South Korea has decreased for the 12th consecutive week, remaining within the 1,800-won range. The average selling price of gasoline at gas stations nationwide fell by 2.9 won to 1,866.2 won per liter, while diesel prices dropped by 3.6 won to 1,849.2 won per liter.

The decline in international oil prices contributed to the decrease in domestic fuel prices. Dubai crude, a benchmark for imported crude oil, dropped $1.4 from the previous week to $79.5 per barrel. International gasoline prices fell by $11.0 to $104.6 per barrel and international automotive diesel decreased by $10.3 to $148.2 per barrel.

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