The prices of gasoline and diesel at domestic gas stations have continued to decline for six consecutive weeks. Although international crude oil prices have rebounded somewhat, it is analyzed that this impact has not yet been reflected in domestic prices.
According to the Korea National Oil Corporation (KNOC) oil price information system Opinet on the 22nd, the national average gasoline selling price for the third week of March (16th to 20th) was 1,681.6 won per liter (L), down 18.3 won from the previous week. Regionally, Jeju Island was the most expensive at 1,746.2 won, while Daegu was the cheapest at 1,647.2 won. Prices decreased by 12.7 won and 17.3 won, respectively, compared to the previous week. Among refining brand companies, SK Energy had the highest average price at 1,690.6 won per L, and private label gas stations were the cheapest at 1,661.2 won.
The price of diesel also continued its downward trend. The national average selling price decreased by 17.6 won to 1,547.7 won per L.
Meanwhile, international crude oil prices slightly rose this week due to geopolitical risks in the Middle East and the announcement of OPEC+'s production cut plans. Dubai crude reached $72.5 per BARREL, an increase of $1.3 from the previous week, while international gasoline and automotive diesel prices also increased by $1.8 to $79.6 and $0.1 to $85.7, respectively.
However, since movements in international oil prices are typically reflected in domestic prices two to three weeks later, it is forecasted that the downward trend in domestic gas station prices will continue until this week.