Gasoline and Diesel Prices Fall 0.4 Won From Previous Week

The average retail price of gasoline at gas stations across the country fell 0.4 won per liter from the previous week to 1,855.7 won in the fourth week of October (Oct. 25-29), marking a 24th consecutive week of decline. According to Opinet, the price information system of the Korea National Oil Corporation, the average retail price of diesel during the same period also dropped 0.4 won per liter from the previous week to 1,842.1 won. By region, Seoul recorded the highest price nationwide at 1,901.3 won per liter, down 1.0 won from the previous week, while Daegu posted the lowest at 1,827.3 won, down 0.7 won.

Domestic fuel prices showed little change from the previous week, while international oil prices climbed this week. Oil prices rose as Houthi rebels continued attacks on key oil facilities in Saudi Arabia, but the gains were limited as the possibility of a diplomatic resolution in the Middle East came into focus. Dubai crude, the benchmark for imported crude, rose $2.6 per barrel to $114.8. The international gasoline price climbed $5.1 to $139.2, while the international price of automobile diesel fell $3.2 to $173.9. Fluctuations in international oil prices are typically reflected in retail prices at domestic gas stations with a lag of two to three weeks.

The government is maintaining its oil price cap system to cushion the impact of international oil price fluctuations on domestic fuel prices. The previously announced 11th oil price cap remained unchanged from the 10th, set at 1,784 won per liter for gasoline, 1,773 won for diesel, and 1,380 won for kerosene.