Gasoline prices at gas stations nationwide have fallen for 14 weeks in a row.
According to Opinet, the oil price information system of Korea National Oil Corporation (KNOC), the national average retail price of gasoline at gas stations for the third week of August (the 16th to 22nd) was tallied at 1,862.45 won per liter, down 1.7 won from the previous week.
Seoul had the highest prices. It recorded 1,908.85 won, down 1.0 won from the week before. Daegu had the lowest prices, coming in at 1,835.55 won, down 2.1 won from the previous week. By brand, GS Caltex gas stations were the highest at 1,865.62 won, while budget gas stations were the lowest at 1,853.46 won.
The average retail price of diesel at gas stations fell 1.35 won over the same period to 1,845.67 won.
International oil prices are edging up on geopolitical risks from the Middle East. Dubai crude, the benchmark for import crude prices, rose $3.2 per barrel from the previous week to $91.8, international gasoline prices rose $2.4 to $113.8, and international automotive diesel rose $4.0 to $163.7. Typically, changes in international oil prices are reflected in domestic gas station prices after two to three weeks.
Meanwhile, to minimize the impact of international oil price fluctuations on domestic prices, the government on the 21st designated the ninth petroleum price cap the same as the eighth. Gasoline is 1,784 won per liter, diesel is 1,773 won, and kerosene is 1,380 won.