Local gasoline prices have fallen for the seventh week in South Korea as global oil prices are down amid coronavirus fears.

According to Opinet, an oil price information website run by the Korea National Oil Corporation, the national average price of regular gasoline dropped 15-point-seven won to one-thousand-503-point-eight won per liter in the second week of March.

The weekly decline has been in double digits since the second week of February.

This past Wednesday, the average gas price dipped below 15-hundred won for the first time in six months.

The price of diesel also plunged nearly 19 won this week to just over one-thousand-319 won per liter.

The Korea National Oil Corporation explained that global prices went down as major oil-producing countries such as Saudi Arabia, the United Arab Emirates and Russia have hinted at increasing output.