South Korea gasoline prices fall for 15th straight week

  • South Korean gas stations recorded a 15th consecutive weekly decline in gasoline and diesel prices.
  • Gasoline averaged 1,861.3 won per liter, while diesel averaged 1,845.2 won.
  • The government set gasoline, diesel and kerosene maximum prices on Aug. 21.

South Korea’s average gasoline and diesel prices at gas stations continued to decline, marking a 15th consecutive week of decreases. Gasoline averaged 1,861.3 Korean won per liter during Aug. 23-27, down 1.2 won from the previous week, while diesel averaged 1,845.2 won, down 0.5 won. Seoul recorded the highest gasoline price at 1,907.8 won per liter, and Daegu the lowest at 1,834.2 won; GS Caltex had the highest brand average at 1,864.7 won, while Alttle Gas Station was the lowest at 1,852.5 won. Dubai crude and international gasoline and automotive diesel prices also fell, though the decline in international oil prices weakened later in the week as U.S.-Iran negotiations remained deadlocked. Domestic pump prices typically reflect international oil-price movements after a two- to three-week lag. On Aug. 21, the government set its ninth petroleum maximum-price schedule at the same levels as the eighth: 1,784 won per liter for gasoline, 1,773 won for diesel and 1,380 won for kerosene, with the levels remaining in effect for four weeks.

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