South Korean fuel prices decline for 20 consecutive weeks

Gasoline and diesel prices at gas stations across South Korea have continued to decline for 20 consecutive weeks. According to the Korea National Oil Corporation’s Opinet system, for the fifth week of September (September 27 to October 1), the average national retail price for gasoline was 1,857.6 won per liter, a decrease of 0.4 won from the previous week. The average price for diesel was 1,843.3 won per liter, down 0.1 won.

Regional data shows that Seoul had the highest gasoline prices at 1,904.0 won per liter, while Daegu recorded the lowest at 1,829.8 won. Among brands, GS Caltex had the highest gasoline prices, whereas Altheul (budget) gas stations offered the lowest.

The downward trend in domestic prices follows a decline in international oil prices, driven by recovering crude exports from the Middle East and the restart of Saudi Arabia’s East-West Pipeline. While supply concerns have eased, analysts suggest that limited petroleum product supplies may restrict the extent of further price drops. The South Korean government has maintained the 10th petroleum maximum price at the same level as the 9th, setting gasoline at 1,784 won per liter and diesel at 1,773 won per liter to mitigate market volatility.