Gasoline prices at gas stations fall for 26 straight weeks, yet remain stuck in place for two months
The average gasoline price at gas stations nationwide fell for the 26th consecutive week, but this week's decline was a mere 0.4 won per liter, meaning prices have effectively remained flat for two months. According to Korea Petroleum Quality & Distribution Authority's Opinet price information system on the 14th, the nationwide average selling price of gasoline for the second week of November (Nov. 8–12) came to 1,855.1 won per liter, down 0.4 won from the previous week. The average diesel price for the same week fell 0.2 won per liter to 1,841.8 won. Weekly declines in gasoline prices have stayed below 1 won per liter since the third week of September, and in diesel since the fourth week of August.
By region, Seoul posted the highest gasoline price at 1,900.2 won per liter, down 0.1 won from the previous week, while Daegu had the lowest at 1,826.9 won, up 0.1 won. By brand, GS Caltex gas stations charged the highest average price at 1,858.1 won, while self-service gas stations had the lowest at 1,845.7 won.
International oil prices fell sharply this week. Concerns over potential disruptions to Middle Eastern crude supplies eased amid reports that the United States would refrain from additional military action against Iran. Dubai crude, the benchmark for Korea's imported crude, fell $10.5 per barrel from the previous week to $89.0. International gasoline prices dropped $8.6 per barrel to $102.9, while international diesel prices fell $12.2 to $151.1. Changes in international oil prices are typically reflected in domestic gas station prices with a lag of two to three weeks.
To limit the impact of international oil price fluctuations on domestic prices, the government is maintaining its oil price cap system. The Ministry of Trade, Industry and Energy announced on the 13th that it had set the 12th round of maximum oil prices at the same levels as the 11th: 1,784 won per liter for gasoline, 1,773 won for diesel, and 1,380 won for kerosene. These prices apply for four weeks starting on the 14th.
