Gas Station Fuel Prices Fall for 11 Consecutive Weeks... Gasoline and Diesel in the 1,800-Won Range

Average National Gasoline Price at 1,869.1 Won per Liter

The average prices of gasoline and diesel at gas stations across the country have continued to decline for 11 consecutive weeks.

According to Opinet, the petroleum price information system of Korea National Oil Corporation, during the fifth week of July (July 26–30), the average gasoline selling price at gas stations nationwide was 1,869.1 won per liter, down 3.3 won from the previous week.

Provided by Yonhap News

By region, Seoul recorded the highest price at 1,910.1 won, down 1.2 won from the previous week. Ulsan had the lowest price at 1,843.8 won, a decrease of 1.6 won.

By brand, GS Caltex gas stations were the most expensive at 1,873.3 won per liter, while the so-called ‘budget’ gas stations, Altteul, offered the cheapest price at 1,861.3 won per liter.

The average diesel selling price at gas stations nationwide was 1,852.8 won per liter, down 4.1 won from the previous week.

This week, international oil prices declined due to a temporary suspension of attacks between the United States and Iran, as well as discussions on the establishment of a multinational coalition led by Saudi Arabia to ensure freedom of navigation in the Red Sea.

The benchmark Dubai crude price, which serves as a reference for imported crude oil, fell by 7.2 dollars from the previous week to 80.7 dollars per barrel. The international gasoline price was recorded at 115.9 dollars, down 2.9 dollars, while the international price of automotive diesel stood at 158.0 dollars, a decrease of 2.0 dollars.

Changes in international oil prices are typically reflected in domestic gas station selling prices with a time lag of about two to three weeks.

Meanwhile, the government is maintaining a maximum price cap on petroleum products to minimize the impact of international oil price fluctuations on domestic prices.

On July 25, the government set the 8th round of maximum petroleum prices at the same level as the 7th round. By product, the price caps are 1,784 won per liter for gasoline, 1,773 won for diesel, and 1,380 won for kerosene.

This content was produced with the assistance of AI translation services.