South Korean fuel prices decline for 15th consecutive week

South Korean gasoline and diesel prices have continued to decline for 15 consecutive weeks. According to the Korea National Oil Corporation’s Opinet system, the average gasoline price for the fourth week of August (August 23–27) was 1,861.3 won per liter, a decrease of 1.2 won from the previous week.

Diesel prices also saw a slight reduction, averaging 1,845.2 won per liter, down 0.5 won from the prior week. Regional data shows that Seoul maintained the highest gasoline prices at 1,907.8 won per liter, while Daegu recorded the lowest at 1,834.2 won per liter. Among brands, GS Caltex had the highest average price at 1,864.7 won, whereas Altheul gas stations offered the lowest at 1,852.5 won.

The downward trend in domestic prices follows fluctuations in international oil markets. Dubai crude oil fell by $0.9 per barrel to $92.1. While expectations regarding the reopening of the Strait of Hormuz drove prices down mid-week, stalled negotiations between the United States and Iran limited the decline toward the end of the week. The South Korean government continues to maintain petroleum price ceilings to mitigate the impact of international volatility on domestic consumers.