The weekly average prices of gasoline and diesel at domestic gas stations fell for the fourth straight week.
According to Opinet, the oil price information system of the Korea National Oil Corporation (KNOC), on Jan. 3, the nationwide average retail price of gasoline at gas stations in the fifth week of December (Dec. 28–Jan. 1) was 1,729.9 won per liter (L), down 5.4 won from the previous week.
By region, Seoul, which had the highest price, recorded 1,789.6 won, down 6.5 won from the previous week. Daegu, which had the lowest price, was tallied at 1,698.8 won, down 7.8 won.
By gas station brand, SK Energy stations were the most expensive at an average of 1,737.7 won per L. Budget gas stations were the cheapest at 1,708.2 won.
During the same period, the nationwide average retail price of diesel fell 8.6 won from the previous week to 1,633.1 won.
This week, international oil prices edged down amid expectations that the global oil market will be oversupplied this year. Dubai crude, the benchmark for imported oil prices, fell $0.5 from the previous week to $61.5 per barrel.
International gasoline prices fell $1.6 to $71.7, and automotive diesel fell $0.4 to $79.8. Changes in international oil prices are typically reflected in domestic gas station prices with a time lag of two to three weeks.