According to the Korea National Oil Corporation's website Opinet on Saturday, the average retail price of gasoline at gas stations nationwide stood at 1,861.3 won (US$1.35) per liter in the fourth week of August, down 1.2 won from the previous week. The average retail price of diesel also fell 0.5 won from a week earlier to 1,845.2 won per liter.
Seoul had the highest average gasoline price at 1,907.8 won per liter, down 1.1 won from a week earlier. Daegu had the lowest at 1,834.2 won, down 1.4 won.
The downward trend in prices in recent weeks came as global oil prices fell on hopes that tensions in the Strait of Hormuz would ease, although the decline slowed amid stalled talks between the U.S. and Iran.
Dubai crude, a benchmark for South Korea's imported oil, fell 90 cents per barrel from the previous week to $92.10, while international gasoline prices dropped $2.40 to $111.50.
Changes in global oil prices are generally reflected in domestic gas station prices about two to three weeks later.
Meanwhile, the government has kept its fuel price ceilings unchanged in efforts to limit the impact of high global oil prices on domestic prices and curb inflation. Fuel price caps were introduced in mid-March to help stabilize domestic prices shortly after the conflict in the Middle East began with joint U.S. and Israeli strikes on Iran.
The Ministry of Trade, Industry and Resources said Friday that the maximum prices for gasoline, diesel and kerosene supplied by local refiners to gas stations would remain at 1,784 won, 1,773 won and 1,380 won per liter, respectively, for the next four weeks starting Saturday, adding that the price caps would be adjusted depending on developments in the region and the South Korean economy.
AJP Takeaways
• Korea's average gasoline price fell to 1,861.3 won per liter in the fourth week of August 2026, down 1.2 won from the previous week and marking a 15th consecutive weekly decline.
• Global oil prices fell amid hopes of easing tensions in the Strait of Hormuz, with Dubai crude dropping to $92.10 per barrel. Global price changes typically reach Korean gas stations after about two to three weeks.
• The Ministry of Trade, Industry and Resources kept fuel price ceilings unchanged for four weeks from Aug. 29, 2026, at 1,784 won per liter for gasoline, 1,773 won for diesel and 1,380 won for kerosene to help curb the impact of high oil prices and inflation.
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