Domestic fuel prices at gas stations have fallen for the fifth consecutive week.
According to the Korea National Oil Corporation’s price information system, Opinet, Saturday, the nationwide average selling price of gasoline during the first week of January dropped nine-point-one won from the previous week to one-thousand-720-point-seven won per liter.
The average selling price of diesel fell 13-point-three won on-week to one-thousand-619-point-eight won per liter.
International oil prices edged up briefly over the weekend following reports that Venezuelan President Nicolás Maduro had been captured and brought to the United States, but later retreated amid expectations that this would have a limited impact on global supply.
Dubai crude, South Korea’s benchmark for imported oil, declined two dollars and 60 cents from the previous week to 58 dollars and 60 cents per barrel, while the international price of gasoline remained unchanged at 71 dollars and 70 cents per barrel.
An official at the Korea Petroleum Association said that with both the exchange rate and international oil prices having fallen toward the end of December, domestic fuel prices are expected to continue declining next week at a pace similar to this week’s.