Local gasoline and diesel prices have dropped for the first time in 14 weeks.

According to oil price portal Opinet run by the Korea National Oil Corporation, the average price of gas sold at pumps nationwide fell seven-point-seven won to one-thousand-788-point-three won per liter in the second week of October.

The average price of diesel dropped three-point-eight won to one-thousand-693-point-three won per liter. It fell back to the one-thousand-600 won range after topping one-thousand-700 won for the first time in nine months last week.

Global oil prices dropped overall due to factors including Iran's denial of involvement in the Hamas attack on Israel and ongoing inflation in the U.S.

The price of Dubai crude, South Korea's benchmark, shed one-point-five dollars to hit an average 87 dollars 80 cents a barrel this week.