Gasoline prices in South Korea fall for 12th week, but remain above 1,800 won per liter

Gasoline prices at South Korean gas stations have continued their downward trend for the 12th consecutive week, offering some relief to consumers. However, the price per liter remains stubbornly above the 1,800 won mark, indicating that significant savings are still out of reach for many.

The sustained drop in prices is largely attributed to a combination of factors influencing the global oil market. Falling international crude oil prices have played a significant role, reducing the cost of raw materials for gasoline production. Additionally, an increase in the supply of petroleum products has further contributed to the downward pressure on prices.

Despite the weekly decreases, the elevated price point reflects broader economic conditions and the volatility of the global energy market. Consumers are hopeful for further reductions, but the current situation highlights the ongoing impact of international factors on domestic fuel costs.