Korea fuel prices fall for seventh week

Gasoline and diesel prices dropped into the mid-1,900 won per liter ($1.24) range nationwide as lower crude costs and government price caps continued to ease pressure at the pump.

KIM MIN-YOUNG
KIM MIN-YOUNG BUSINESS REPORTER
Published
Gas station price signs and pump equipment at a station in Seoul.
Oil prices are displayed at a gas station in Seoul on June 17.

Retail gasoline and diesel prices at gas stations across Korea fell to the mid-1,900 won ($1.24) range this week, extending a seven-week decline as lower global crude oil prices and government price controls continued to weigh on fuel costs.

The average nationwide price of gasoline fell 55.7 won from the previous week to 1,952.1 won per liter ($4.70 per gallon) during the first week of July, covering Sunday to Thursday, according to the Korea National Oil Corporation's Opinet price information system on Saturday.

By region, Seoul recorded the highest average gasoline price at 1,976.6 won per liter, down 73 won from a week earlier, while Daejeon had the lowest at 1,916.4 won, down 77.4 won.

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By brand, S-Oil stations posted the highest average gasoline price at 1,954.1 won per liter, while SK Energy stations recorded the lowest at 1,950.5 won.

The average diesel price also declined, falling 58.9 won from the previous week to 1,942.4 won per liter.

The continued decline reflects lower international crude prices and the government's seventh round of maximum fuel price caps.

Average nationwide gasoline and diesel prices have fallen for seven consecutive weeks since the third week of May, following the stabilization of global oil prices after the United States and Iran signed a memorandum of understanding on a cease-fire.

On June 27, the government lowered the maximum retail prices for petroleum products by 150 won per liter under the seventh round of its fuel price cap program, setting ceilings of 1,784 won for gasoline, 1,773 won for diesel and 1,380 won for kerosene.

International oil prices also edged lower this week on expectations that crude supplies could normalize after U.S. and Iranian negotiators, along with mediators, held talks on a cease-fire framework in Doha, Qatar. However, gains were limited as negotiations made little progress.

Dubai crude, the benchmark for Korea's imported oil, stood at $63.30 per barrel on Thursday, down $1.10 from a week earlier.


BY JEONG HYE-JEONG [[email protected]]

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.

gasoline prices economy dubai crude diesel prices business south korea korea national oil corporation korea

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