Local gasoline prices have dropped for a fourth consecutive week.

According to oil price portal Opinet run by the Korea National Oil Corporation, the average price of gasoline sold at pumps nationwide fell nine-point-three won to one-thousand-967-point-eight won per liter over the first five days of this week.

The price of gasoline is falling by one to two won per liter every day, given the weekly decrease. 

Amid rising global oil costs, local gas prices had climbed for ten consecutive weeks through last month, recording a ten-year high of over two thousand won per liter.

Prices then turned downward in the wake of the U.S.-led release of strategic oil reserves. 

But global prices edged up this week due to the prolonged war in Ukraine. Dubai Crude, which South Korea mainly imports, rose six dollars ten cents to over 107 dollars per barrel this week. International gasoline prices - on average - gained seven dollars 80-cents to reach 128 dollars per barrel.