Domestic fuel prices fell for the sixth straight week. International product prices at the end of last year, which will be reflected in next week's gas station prices, declined, so the downward trend is expected to continue for the time being.
According to Opinet, the oil price information system of the Korea National Oil Corporation (KNOC), on Jan. 17, the average nationwide gas station price for gasoline in the second week of January (Jan. 11–15) was 1,706.3 won per liter (ℓ), down 14.4 won from the previous week.
Seoul, the region with the highest prices nationwide, recorded 1,762.6 won, down 16.9 won from the previous week, while Daegu, the lowest-price region, was tallied at 1,667.8 won, down 19.8 won.
By brand, thrifty gas stations had the lowest average price at 1,685.1 won, while SK Energy gas stations were the highest at 1,714.7 won.
During the same period, the nationwide diesel sales price at gas stations was 1,601.7 won per liter, 18.1 won cheaper than the previous week.
This week, international oil prices surged on concerns about U.S. military involvement with Iran, but the rise eased somewhat after U.S. President Donald Trump said it was not military intervention.
Dubai crude, the benchmark for import oil prices, was $62 per Barrel, up $3.4 from the previous week.
During the same period, the international gasoline price was $71.9, up $1.3 from the previous week, and automotive diesel recorded $81.4, up $3.1.
International oil price fluctuations are usually reflected in domestic gas station prices with a lag of two to three weeks.
A Korea Petroleum Association (KPA) official said, "Although the won-dollar exchange rate rose at the end of last year and early this year, international product prices fell, so domestic gas station prices are expected to continue their downward trend."