South Korea's Gas Prices Slowly Decline Amid Middle East Tensions

South Korea's gas prices have been falling for ten consecutive weeks, but their decline has slowed significantly due to escalating tensions in the Middle East. The average retail price of gasoline nationwide dropped by 5.1 won per liter from the previous week to 1,872.4 won per liter, according to Opinet, the oil price information system operated by the Korea National Oil Corporation.

The weekly decline in gasoline prices is still maintaining a downward trend, but at a much slower pace than before. The magnitude of the drop has narrowed sharply due to the conflict in the Middle East, which has seen international oil prices rise this week.

Dubai crude, the benchmark for imported crude oil, rose by 21.4 dollars from the previous week to 97.2 dollars per barrel. International gasoline and diesel prices also increased, with international gasoline prices up by 18.7 dollars to 124.7 dollars per barrel and international automotive diesel climbing by 24 dollars to 167.6 dollars per barrel.

The government is taking steps to minimize the impact of rising international oil prices on domestic gas station prices by freezing maximum petroleum price caps. The caps 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.