Gasoline prices continued to fall for the eighth week in South Korea as global oil prices are plunging amid coronavirus concerns.

According to Opinet, an oil price information website run by the Korea National Oil Corporation, the national average price of regular gasoline dropped 31-point-six won to one-thousand-472-point-three won per liter in the third week of March.

Losses in global prices are beginning to have effects at home.

This is the sharpest drop in oil price in five years since early 2015, with the exclusion of the fuel tax cut in late 2018.

In Seoul where gas prices are the highest in the country, the average price fell 25-point-eight won to just under one-thousand-560 won per liter this week, or about 87 won higher than the national average.

In Daegu where prices are the lowest, a liter of gas sold for one-thousand-426 won, down 42 won from last week.

The price of diesel also fell more than 36 won this week to one-thousand-282-point-seven won per liter, continuing a downward streak for the ninth week. 

Industry sources believe the plunge in global prices amid the coronavirus pandemic and conflict between Saudi Arabia and Russia only began to affect domestic prices from this week and the trend will likely continue.