Gasoline and diesel prices at gas stations nationwide edged down, extending a 15-week losing streak.
According to Opinet, the oil price information system of Korea National Oil Corporation (KNOC), the average gasoline pump price at gas stations nationwide in the fourth week of August (the 23rd–27th) was 1,861.3 won per liter, down 1.2 won from the previous week.
By region, Seoul had the highest gasoline price at 1,907.8 won per liter. Compared with the previous week, it fell 1.1 won. Daegu, which had the lowest price, was tallied at 1,834.2 won per liter, down 1.4 won from the previous week.
By brand, GS Caltex gas stations had the highest average selling price at 1,864.7 won per liter, while thrifty gas stations were the lowest at 1,852.5 won.
Diesel prices also declined. The average diesel pump price at gas stations nationwide was 1,845.2 won per liter, down 0.5 won from the previous week.
International oil prices also fell this week. Expectations for the reopening of the Strait of Hormuz pulled down international prices midweek, but the decline was limited later in the week as talks between the United States and Iran showed a deadlock.
Dubai crude, the benchmark for prices of crude imported into Korea, fell $0.9 per barrel from the previous week to $92.1.
International gasoline prices fell $2.4 to $111.5 per barrel, and international automotive diesel prices were tallied at $154.5, down $9.2. Typically, changes in international oil prices are reflected in domestic gas station prices with a lag of about two to three weeks.
The government is maintaining a petroleum price ceiling to reduce the impact of international oil price fluctuations on domestic petroleum product prices. On the 21st, the government set the ninth petroleum ceiling price at the same level as the eighth. Accordingly, the ceiling prices are 1,784 won per liter for gasoline, 1,773 won for diesel, and 1,380 won for kerosene.