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Local Gas Prices Fall Below 1,700 won for the 1st Time in 5 Weeks

Written: 2024-05-25 16:09:02Updated: 2024-05-25 16:34:16

Local Gas Prices Fall Below 1,700 won for the 1st Time in 5 Weeks

Photo : YONHAP News

The average prices of gasoline and diesel at local gas stations have dropped this week.

According to Opinet, the Korea National Oil Corporation's online price tracker, the national average price of gasoline stood at one-thousand-691 won per liter during the fourth week of May, down 11-point-nine won from a week earlier. 

Prices are down for the third week, falling below the one-thousand-700 won per liter mark for the first time in five weeks.

The average price of diesel fell 17-point-one won, to stand at one-thousand-529-point-three won per liter. 

Meanwhile, global oil prices rose on Middle East risks and increasing gasoline demand in the U.S., but the gains were limited due in part to the Federal Reserve's decision to keep interest rates high for longer. 

Dubai Crude, which South Korea mainly imports, remained at 83 dollars and 70 cents per barrel, same as last week.

It typically takes about two weeks for global costs to be reflected in domestic prices.

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