Gas prices at nationwide stations have fallen for the 12th consecutive week. However, both gasoline and diesel prices remain high, staying above 1800 won per liter.
According to the Korea National Oil Corporation's oil price information system, Opinet, the average selling price of gasoline at nationwide gas stations for the first week of August (August 2-6) decreased by 2.9 won from the previous week to 1866.2 won per liter.
Regionally, Seoul had the highest price, dropping 1.0 won to 1909.1 won, while Daegu recorded the lowest price, down 3.8 won to 1840.6 won.
By brand, GS Caltex had the highest gasoline price at 1869.2 won per liter, while discount gas stations offered the lowest price at 1858.0 won.
Diesel prices also saw a decline, with the average selling price at nationwide gas stations falling by 3.6 won to 1849.2 won per liter.
International oil prices have also been on a downward trend, attributed to growing expectations surrounding negotiations between the U.S. and Iran regarding shipping through the Strait of Hormuz.
The price of Dubai crude, a benchmark for imported crude oil, fell by $1.4 to $79.5 per barrel. International gasoline prices dropped by $11.0 to $104.6, while international diesel prices decreased by $10.3 to $148.2.
Changes in international oil prices typically reflect in domestic gas station prices with a delay of about 2 to 3 weeks. Therefore, if the recent trend of declining international oil prices continues, domestic gas prices may also see a downward trend for the time being.
Meanwhile, the government is implementing a maximum oil price system to mitigate the impact of international oil price fluctuations on domestic petroleum product prices. The eighth maximum oil price, designated on July 25, remains the same as the seventh, with maximum prices set at 1784 won per liter for gasoline, 1773 won for diesel, and 1380 won for kerosene.
* This article has been translated by AI.
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