Chungbuk Gasoline Prices Dip Below 2,000 Won for First Time in Two Months

The average price of gasoline in the Chungbuk region has dropped to the 1,900 won range for the first time in about two months. According to the Korea National Oil Corporation, as of the 29th, the average retail price of gasoline in the province was 1,988.69 won per liter, marking the first time it has fallen below 2,000 won since April 13.

The easing of supply risks originating from the Middle East is behind the decline in oil prices. International oil prices (as of the 25th) fell to around $75 per barrel for Brent crude and $72 for West Texas Intermediate (WTI). The government's reduction of the maximum price for petroleum products by 150 won per liter also contributed to the price drop.

Price reductions may vary depending on individual gas stations' inventory status, and there may be a time lag before the on-site retail price decreases as stations need to deplete existing stock purchased at higher prices. The capped supply prices from refiners reflecting the reduction are 1,784 won per liter for gasoline, 1,773 won for diesel, and 1,380 won for kerosene.