Gas Station Fuel Prices Fall for 13th Week... Gasoline at 1,864.1 Won, Diesel at 1,847 Won

Seoul Records Highest Price at 1,909.8 Won
International Oil Prices Rise Amid Supply Uncertainty

This week, gasoline prices at gas stations nationwide continued their downward trend for the 13th consecutive week, with both gasoline and diesel remaining in the mid-1,800 won range. Meanwhile, international oil prices rose amid concerns over supply disruptions caused by the prolonged war in the Middle East.

The appearance of a gas station in downtown Seoul on the 9th. According to the Korea National Oil Corporation's oil price information system OPNET on the 15th, the national average retail price of gasoline at gas stations for the second week of August (9th-13th) was 1864.1 won per liter, down 2.1 won from the previous week. Yonhap News Agency

According to the Korea National Oil Corporation's oil price information system OPNET on August 15, the national average retail price of gasoline at gas stations for the second week of August (August 9–13) was 1,864.1 won per liter, down 2.1 won from the previous week.

Seoul, where prices were the highest, recorded 1,909.8 won per liter, a rise of 0.7 won compared to the previous week. Daegu, with the lowest price, dropped by 3 won to 1,837.6 won per liter. By brand, GS Caltex gas stations had the highest price at 1,867.2 won per liter, while “Altteul” low-cost gas stations posted the lowest price at 1,855.4 won per liter.

The average retail price of diesel was 1,847 won per liter, down 2.2 won from the previous week.

This week, international oil prices rose as negotiations between the United States and Iran stalled and continued attacks targeted oil facilities in the Middle East and Russia, heightening concerns over supply and transportation disruptions. The price of Dubai crude, the benchmark for imported oil in Korea, jumped by $8.9 from the previous week to $88.7 per barrel.

The international price of gasoline increased by $6.6 to $111.5 per barrel, while automotive diesel climbed by $10.8 to $159.2 per barrel. Typically, changes in international oil prices are reflected in domestic gas station prices with a lag of about two to three weeks.

Meanwhile, the government is maintaining the maximum oil price to minimize the impact of fluctuations in international oil prices on domestic prices. On July 25, authorities set the 8th maximum oil price at the same level as the 7th. The cap stands at 1,784 won per liter for gasoline, 1,773 won per liter for diesel, and 1,380 won per liter for kerosene.

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