Gasoline prices fall for 5th week, still high

Gasoline and diesel prices at South Korean gas stations have continued their downward trend for the fifth consecutive week. The average price for gasoline nationwide fell to 2009.2 won per liter in the third week of June, a decrease of 0.7 won from the previous week, according to the Korea National Oil Corporation's Opinet system.

Seoul recorded the highest average gasoline price at 2051.2 won per liter, a slight drop of 0.3 won, while Daegu saw the lowest at 1989.6 won, down 1.0 won. SK Energy stations offered the highest average price at 2012.8 won, while self-service stations were the cheapest at 1995.7 won.

Diesel prices also followed suit, with the average selling price decreasing by 0.7 won to 2004.1 won per liter. International oil prices experienced fluctuations, initially dropping due to a memorandum of understanding between the U.S. and Iran, but the decline was tempered by Israel's actions in Lebanon. Dubai crude oil fell by $13.6 to $74.8 per barrel. International gasoline prices decreased by $12.5 to $103.6 per barrel, and international diesel prices dropped by $21.0 to $116.5 per barrel.

Changes in international oil prices typically affect domestic gas station prices with a lag of two to three weeks. The government extended its sixth petroleum price cap on June 18, maintaining gasoline at 1934 won per liter, diesel at 1923 won, and kerosene at 1530 won. The government plans to decide on the seventh price cap after comprehensively reviewing developments, such as the resumption of passage through the Strait of Hormuz, and the international oil price situation.