The average price of gasoline is 1,882 won… The decline is likely to continue for some time
Oil prices at domestic gas stations fell for the fifth week in a row due to an increase in fuel tax cut rates and a drop in international oil prices.
According to the Korea National Oil Corporation’s oil price information service Opinet on the 6th, the average selling price of gasoline at gas stations nationwide in the first week of August (7.31~8.4) was 1,881.9 won per liter, down 55.8 won from the previous week.
It is the first time in regarding five months since the second week of March (1,861 won) that the weekly average gasoline price fell to 1,800 won per liter.
Gasoline prices have been on a downward trend since last month due to the wider oil tax cut (30% → 37%) implemented on the 1st of last month and the impact of the decline in international petroleum products.
As of the followingnoon of the previous day, the national average gasoline price was 1,859.2 per liter, down 7.2 won from the previous day.
Compared to June 30 (2,144.9 won), just before the additional fuel tax cut, it is 285.7 won lower in five weeks.
The average price of gasoline this week in Seoul, the highest price region in Korea, was 1,941.8 won per liter, down 51.9 won from last week, and Daegu, the lowest price region, fell 53.3 won to 1,826.5 won, respectively.
By brand, SK Energy gas station was the most expensive at an average of 1,889.4 won per liter, and thrifty gas station was the cheapest at 1,859.2 won.
Similarly, domestic diesel prices continued to decline for the fifth week in a row.
The average price of diesel this week was 1,969.8 per liter, down 45.7 won from last week.
As of the followingnoon of the previous day, the national average price of diesel was 1,950.6 won per liter, down 6.4 won from the previous day.
Compared to the all-time high on June 30 (2,167.7 won), it is down 217.1 won in five weeks.
Domestic gasoline and diesel prices are expected to show a modest decline next week.
Meanwhile, international gasoline prices this week fell due to the easing of sanctions on Russian oil by the European Union (EU) and the recovery of Libyan oil production.
This week’s average price of Dubai crude, which is the standard for domestic imported crude oil, was $98.4 per barrel, down $5.6 from last week.
The average international gasoline price fell by $4.1 from last week to $108.8 a barrel, and the international automobile diesel price fell $4.7 to $134.7 a barrel, respectively.
/yunhap news