Nationwide Average Gasoline Price Falls Below 2100 Won
The average price of gasoline and petroleum products at domestic gas stations has declined for five consecutive weeks. Data from the Korea National Oil Corporation’s Oil Information System, Opinet, reveals that the average retail price of gasoline nationwide for the third week of June decreased by 0.7 won per liter from the previous week, settling at 2009.2 won.
Regional Price Variations
In Seoul, the average gasoline price dropped by 0.3 won to 2051.2 won. Daegu recorded the lowest average price in the country, with a decrease of 1.0 won, bringing its average to 1989.6 won.
The average price of petroleum products also saw a reduction, falling by 0.7 won per liter from the prior week to 2004.1 won.
Global Market Influences
International oil prices have experienced a downward trend, influenced by the progress in implementing a memorandum of understanding between the United States and Iran. However, the ongoing Israeli offensive in Lebanon has limited the extent of these price drops.
Dubai crude oil averaged $74.8 per barrel, a decrease of $13.6 from the previous week. International gasoline prices also fell by $12.5 to $103.6 per barrel.
Government Price Controls Maintained
On June 18th, the government extended the maximum oil prices for the sixth time. Consequently, the prices for gasoline, petroleum, and diesel remain at 1934 won, 1923 won, and 1530 won per liter, respectively.
The government plans to determine the seventh maximum oil price after comprehensively reviewing the progress of peace talks between the United States and Iran, as well as global oil market conditions.
