This week, the average sale price of gasoline at domestic gas stations has slightly decreased, returning to a downward trend after a week. In contrast, the price of diesel continued its upward trend.
According to the Korea National Oil Corporation (KNOC) oil price information service Opinet on the 26th, the average sale price of gasoline at nationwide gas stations for the fourth week of July (July 20-24) was 1,667.4 won per liter, a decrease of 0.5 won from the previous week.
Regionally, Seoul had the highest gasoline price at 1,738.5 won per liter, but decreased by 0.6 won compared to the previous week. The region with the lowest price was Ulsan, with an average price of 1,637.2 won, which fell by 1.5 won from the previous week.
By gas station brand, SK Energy recorded the highest average price at 1,677.7 won, while the bargain gas stations had the lowest at 1,636.1 won.
Meanwhile, diesel prices rose by 0.9 won from last week to 1,531.8 won per liter, continuing a steady upward trend unlike gasoline.
International oil prices increased due to the easing of trade tensions among major countries and geopolitical issues. The announcement of a trade agreement between the United States and Japan somewhat alleviated concerns about economic slowdown, while the European Union's (EU) strengthening of sanctions against Russia also affected oil prices.
Dubai oil recorded an increase of $0.2 from the previous week to $70.7. The international gasoline price decreased by $1.4 to $76.4, while the international diesel price rose by $0.4 to $91.7. The trends in international oil prices generally tend to be reflected in domestic prices with a lag of about 2 to 3 weeks.