Gasoline prices fall below 1,900 won a liter for first time in three months

Gasoline prices at gas stations across Korea have dropped below 1,900 won per liter ($4.70 per gallon) for the first time in about three months, as cooling international oil prices and government price-stabilization measures unwind the surge that followed the Iran war.

The nationwide average stood at 1,898.3 won per liter as of noon Monday, down 4.5 won from a day earlier, according to Opinet, the oil-price information service run by the Korea National Oil Corporation. It was the first time the average had fallen below 1,900 won since March 31.

Domestic gasoline prices spiked after March, when the Iran war and rising international crude prices drove them up, and they held above 2,000 won per liter for more than two months from mid-April through last month. They eased into the 1,900-won range on June 27 and have continued to fall since.

Diesel has followed the same path. Its nationwide average was 1,886.1 won per liter on Monday. Diesel had fallen into the 1,900-won range on June 24, its first time there in two months, before dropping back into the 1,800s on Friday and continuing to decline.

In Seoul, gasoline averaged 1,930 won per liter and diesel 1,914.1 won.

BY JEONG JAE-HONG [[email protected]]