This week, the weekly average price of gasoline and diesel at domestic gas stations fell for the fifth consecutive week.
According to the Korea National Oil Corporation (KNOC) oil price information system Opinet on the 15th, the average selling price of gasoline at nationwide gas stations in the second week of March (9th to 13th) was 1,699.9 won per liter, down 15.9 won from the previous week. The 1,700 won mark was broken for the first time in nine weeks since the second week of January this year.
The region with the highest price was Jeju Island, which saw a drop of 10.1 won to 1,758.9 won. The lowest price in Daegu was analyzed to be 1,664.5 won, down 18.9 won from the previous week.
By brand, SK Energy gas stations had the highest average price at 1,709.1 won per liter, while private labels were the lowest at 1,674.1 won. The average selling price of diesel was 1,565.3 won, down 16.6 won from the previous week.
This week, international oil prices have shown a downward trend due to continued concerns over global economic slowdown following U.S. tariff policies, a downward revision of oil demand forecasts by the International Energy Agency (IEA), and progress in discussions regarding a ceasefire in the Russia-Ukraine war.
The price of Dubai crude, the benchmark for imported crude oil, was $71.2, down $0.1 from the previous week. International gasoline prices fell by $0.9 to $77.7, and international diesel prices dropped by $1.2 to $85.7. Changes in international oil prices are usually reflected in domestic gas station prices with a lag of about 2 to 3 weeks.