The average prices of gasoline and diesel dropped for the sixth consecutive week.

According to the Korea National Oil Corporation's(KNOC) price information system Opinet on Saturday, the average price of gasoline dropped 14 won on-week to one-thousand-658-point-five won per liter, or one U.S. dollar and 24 cents, in the first week of September.

The average price of diesel fell 14-point-four won to one-thousand-495-point-seven won per liter, falling below the one-thousand-500 won mark for the first time in ten weeks.

After an increase last week, global oil prices fell amid concerns over an economic slump following weakened U.S. economic data this week and a possibility over an early resolution to the crisis surrounding Libya's petroleum production.

The Dubai crude decreased three dollars and ten cents on-week to 75 dollars per barrel, leading to a decline in global gasoline prices by four dollars and ten cents to 80 dollars and 20 cents, and in diesel prices by three dollars and 70 cents to 87 dollars.

An official at the KNOC said the decline in global oil prices will likely continue for the time being, resulting in continued drop in domestic gasoline prices through next week's Chuseok holiday.