Nationwide Gas Station Fuel Prices Drop for 16 Straight Weeks... International Oil Prices Rise
Gasoline at 1,860.2 Won, Diesel at 1,844.5 Won
International Oil Prices Rise on Concerns Over Hormuz Logistics Disruptions
Nationwide gas station fuel prices have dropped for 16 consecutive weeks.
According to Opinet, the oil price information system of Korea National Oil Corporation, the average retail price of gasoline at gas stations nationwide during the first week of September (August 30–September 3) was 1.1 won lower than the previous week, recorded at 1,860.2 won per liter.
Seoul, which had the highest prices, recorded a drop of 1.2 won to 1,906.6 won compared to the previous week, while Daegu, with the lowest prices, also saw a decline of 1.2 won, reaching 1,833.0 won.
By brand, GS Caltex gas stations had the highest prices at 1,863.3 won, while budget gas stations had the lowest at 1,851.0 won.
The average retail price of diesel fell by 0.7 won from the previous week to 1,844.5 won.
This week, international oil prices surged significantly due to renewed tensions between the United States and Iran and growing concerns about logistics disruptions in the Strait of Hormuz.
Dubai crude, which serves as the benchmark for imported crude oil prices, rose by 7.6 dollars per barrel from the previous week to reach 99.9 dollars. The international price of gasoline increased by 8.8 dollars to 120.8 dollars, while the international price of automotive diesel climbed by 8.1 dollars to 159.2 dollars.
Changes in international oil prices are typically reflected in domestic gas station prices after a lag of about two to three weeks. In order to minimize the impact of international price fluctuations on domestic prices, the government is maintaining the maximum petroleum price.
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On August 21, the government set the 9th maximum petroleum price at the same level as the 8th. The maximum price per liter is set at 1,784 won for gasoline, 1,773 won for diesel, and 1,380 won for kerosene.
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