Gasoline prices fall, averaging 2007.8 won... Could they reach the 1800 won range next week?

Gasoline and diesel prices at South Korean gas stations have continued their downward trend, marking the sixth consecutive week of declines. The weekly average price for gasoline has fallen to 2007.8 won per liter, a decrease of 1.4 won from the previous week. Diesel prices also saw a reduction, dropping by 2.8 won to 2001.3 won per liter.

The price drop is attributed in part to the government's seventh reduction in maximum oil prices, which took effect on June 27. This measure is anticipated to sustain the declining price trend into the following week, with expectations that gasoline prices could fall below 1800 won per liter.

Regional price variations are notable, with Seoul experiencing the highest average gasoline price at 2049.6 won per liter, despite a 1.6 won decrease. In contrast, Daegu recorded the lowest average price at 1987.8 won, down 1.8 won from the previous week. SK Energy stations had the highest average price among brands at 2011.0 won, while budget gas stations offered the lowest at 1995.4 won.

Internationally, oil prices have also decreased. The price of international gasoline dropped by $3.2 to $100.6 per barrel, and international diesel fell by $3.1 to $112.8 per barrel. The government's latest price cap adjustments set gasoline at 1784 won, diesel at 1773 won, and kerosene at 1380 won per liter.