Gasoline and diesel sales prices at domestic gas stations also fell this week.
According to the Korea National Oil Corporation’s oil price information system Opinet on the 25th, the average selling price of gasoline at gas stations nationwide in the fourth week of March (19-23) was 1596.4 won per liter, down 0.4 won from the previous week.
Gasoline selling prices rose for four weeks in a row and showed a weaker trend this week.
The average price of gasoline this week in Seoul, the most expensive region in Korea, was 1676.4 won, down 1.3 won, and in Ulsan, the lowest price region, 1567.5 won, down 0.5 won.
By brand, GS Caltex gas station was the most expensive at 1,603.4 won per liter, and thrifty gas station was the cheapest at 1,569.3 won.
The average selling price of diesel this week was 1534.3 won per liter, down 11.8 won from the previous week.
Diesel sales prices fell on a weekly basis for the 18th consecutive week.
International oil prices declined this week due to interest rate hikes by central banks in major countries, an increase in US commercial crude oil inventories, and delays in the US Department of Energy’s purchase of strategic petroleum reserves.
This week’s average price of Dubai oil, which is the standard for imported crude oil, recorded $73.7 per barrel, down $3.9 from the previous week.
The international average price of gasoline fell by $2.9 to $90.5 per barrel, and the international price of diesel for automobiles fell by $3.1 to $98.9 per barrel.
An official from the Korea Petroleum Association predicted, “International gasoline and diesel prices are continuously on a downward trend, and the extent of the decline is steep. Domestic oil prices will also show weakness next week.”