Domestic gasoline prices have dropped for an eleventh straight week to the lowest point in 34 months.

According to Opinet, an oil price information Web site run by the Korea National Oil Corporation, the average price of regular gasoline sold at filling stations nationwide fell seven won to one-thousand-348 won per liter in the third week of January. 

Prices dropped 342-point-one won in the past eleven weeks, reaching the lowest point since the second week of May, 2016. 

The price of diesel for automotive fuel dropped nearly seven won to one-thousand-246-point-two won per liter and the cost of diesel for other purposes also fell for a ninth straight week.  

The Korea National Oil Corporation said that though international oil prices have gone up due to factors such as Russia's announcement on oil production cuts, local prices will continue a downward track due to previous drops in international oil prices. 

The average price of Dubai crude, South Korea's benchmark, was traded at 59-point-four won per barrel, up by one-point-one dollar from the previous week.