South Korean Gasoline Prices Fall for 15th Straight Week to ₩1,861.3 per Liter — BigGo Finance

Gasoline and diesel retail prices at gas stations nationwide in South Korea edged lower in the fourth week of August, extending their downward trend to a 15th consecutive week. However, with the decline remaining modest, both products stayed in the ₩1,800-per-liter range.

According to data released on the 29th by Opinet, the oil price information system of the Korea National Oil Corporation, the average retail price of gasoline at gas stations across South Korea during the fourth week of August (Aug. 23–27) was ₩1,861.3 (approximately $1.4) per liter, down ₩1.2 from the previous week.

By region, Seoul was the most expensive at ₩1,907.8 (approximately $1.4), down ₩1.1 from the prior week. Daegu, the lowest-priced region, fell ₩1.4 to ₩1,834.2 (approximately $1.3).

By brand, GS Caltex stations posted the highest selling price at ₩1,864.7 (approximately $1.4), while Alttle Gas Station was the cheapest at ₩1,852.5 (approximately $1.4).

The average retail price of diesel was recorded at ₩1,845.2 (approximately $1.3) per liter, down ₩0.5 from the previous week.

International oil prices trended lower during the week on expectations of a reopening of the Strait of Hormuz. However, losses were limited in the latter part of the week as negotiations between the United States and Iran fell into a stalemate.

Dubai crude, the benchmark for South Korea’s imported crude oil prices, fell $0.9 from the previous week to $92.1 per barrel. International gasoline prices dropped $2.4 to $111.5, while international automotive diesel declined $9.2 to $154.5.

Changes in international oil prices are typically reflected in South Korean retail pump prices with a time lag of about two to three weeks.

Meanwhile, the South Korean government is maintaining the petroleum price ceiling system to reduce the impact of international oil price fluctuations on domestic petroleum product prices. On the 21st, the government designated the 9th petroleum price ceiling at the same level as the 8th. Accordingly, the maximum prices that refiners can charge gas stations remain at ₩1,784 (approximately $1.3) per liter for gasoline, ₩1,773 (approximately $1.3) for diesel, and ₩1,380 (approximately $1) for kerosene.