Gasoline prices at domestic gas stations fell for the 10th straight week.
According to Opinet, the oil price information system of Korea National Oil Corporation (KNOC), the nationwide average retail price of gasoline at gas stations in the second week of Feb. (the 8th–12th) was 1,686.2 won per liter (L). That was down 1.7 won from the previous week.
By region, Seoul was the most expensive at 1,747.9 won, down 2.8 won from the previous week. Daegu, the cheapest in the country, came in at 1,646.0 won, down 1.3 won from the previous week.
By brand, SK Energy gas stations were the highest at an average of 1,694.8 won, while budget gas stations were the cheapest at 1,660.0 won.
Diesel prices turned slightly higher. The nationwide average retail price was 1,583.0 won per liter, up 1.2 won from the previous week.
International oil prices this week faced upward pressure on reports that the United States is considering seizing tankers carrying Iranian crude. However, the rise was limited as U.S. President Donald Trump expressed a willingness to negotiate with Iran.
Dubai crude, the benchmark for imported crude prices, was $68.0 per barrel, up $1.6 from the previous week. International gasoline prices were $75.5, up $3.1, and automotive diesel came to $89.1, up $1.0.
Changes in international oil prices are typically reflected in domestic gas station prices with a lag of two to three weeks. An official at the Korea Petroleum Association (KPA) said, "With the exchange rate and international petroleum product prices recently trending higher, domestic fuel prices could turn upward next week."