Gasoline and diesel prices at gas stations across the country fell, with gasoline marking its 14th consecutive week of declines.
According to Opinet, the oil price information system run by the Korea National Oil Corp., the average retail price of gasoline nationwide stood at 1,862.5 won per liter during the third week of this month (Aug. 16-20), down 1.7 won from the previous week.
By region, Seoul posted the highest gasoline price at 1,908.9 won per liter, down 1.0 won from the previous week.
Daegu recorded the lowest price, falling 2.1 won to 1,835.6 won per liter.
By brand, GS Caltex stations were the most expensive at 1,865.6 won per liter, while budget stations were the cheapest at 1,853.5 won.
The average diesel price also fell 1.4 won from the previous week to 1,845.7 won per liter.
Global oil prices rose this week as supply concerns grew after US-Iran nuclear negotiations stalled, prompting Washington to tighten economic pressure on Tehran while tensions between the UAE and Iran deepened. The gains were capped, however, as Saudi Arabia moved to expand alternative supplies.
Dubai crude, the benchmark for South Korea's oil imports, rose $3.20 from the previous week to $91.80 per barrel. International gasoline prices climbed $2.40 to $113.80 per barrel, while international diesel prices rose $4.00 to $163.70 per barrel.
Changes in global oil prices are typically reflected in domestic pump prices with a lag of two to three weeks.
To minimize the impact of global price swings on domestic consumers, the government on Friday designated the ninth round of maximum oil prices at the same levels as the eighth round — 1,784 won per liter for gasoline, 1,773 won for diesel and 1,380 won for kerosene.
moon@heraldcorp.com
