Gasoline prices in South Korea fall for 15th consecutive week

Gasoline prices across South Korea have continued their downward trend, marking the 15th consecutive week of decline. This sustained drop has brought average prices into the 1,800 won range per liter for both gasoline and diesel.

According to data from the Korea National Oil Corporation's (KNOC) oil price information system, Opinet, the average retail price of gasoline at gas stations nationwide during the fourth week of August (August 23-27) was 1,861.3 won per liter. This represents a marginal decrease of 1.2 won compared to the preceding week.

Regional price variations persist, with Seoul reporting the highest average gasoline price in the country. Residents of the capital paid 1,907.8 won per liter, a slight decrease of 1.1 won from the previous week. This indicates that while prices are falling nationwide, some areas maintain higher price points.

The consistent decrease in fuel prices suggests a softening demand or an increase in supply impacting the market. Consumers have experienced a prolonged period of relief at the pump, with the trend showing no immediate signs of reversal.