South Korean gasoline prices fall for 19th consecutive week

South Korean gasoline prices have declined for 19 consecutive weeks. According to the Korea Petroleum Corporation’s Opinet system, the average national gasoline price for the fourth week of September was 1,858 won per liter, a slight decrease of 0.6 won from the previous week.

Several factors contributed to this downward trend, including the government’s petroleum maximum price system and a temporary 100 won per liter discount at 226 highway gas stations managed by the Korea Expressway Corporation during the Chuseok holiday period. Regional data shows Seoul had the highest average price at 1,904.2 won per liter, while Daegu recorded the lowest at 1,830.1 won per liter.

Global oil prices also saw a significant drop, driven by the restart of a Saudi Arabian pipeline previously damaged by Houthi rebel attacks and discussions regarding a phased agreement between the United States and Iran. Dubai crude fell by $11.9 per barrel to $113.0. Because international price fluctuations typically take two to three weeks to reflect in domestic South Korean prices, further declines are expected in the coming week.