Photo : YONHAP News
The average prices of gasoline and diesel dropped for the seventh consecutive week.
According to the Korea National Oil Corporation’s(KNOC) price information system Opinet on Saturday, the average price of gasoline dropped 22-point-four won on-week to one-thousand-636-point-one won per liter, or one U.S. dollar and 23 cents, in the second week of September.
The average price of diesel fell 22-point-six won to one-thousand-473-point-one won per liter.
Global oil prices also went down for the second week in a row, amid concerns over a recession in major economies, as well as the downward adjustment of global demand forecasts by the Organization of Petroleum Exporting Countries(OPEC).
The Dubai crude decreased two dollars and 90 cents on-week to 71 dollars and 80 cents per barrel, leading to a decline in global gasoline prices by three dollars and 10 cents to 76 dollars and 40 cents, and in diesel prices by three dollars and 90 cents to 82 dollars and 70 cents.
An official at the KNOC said due to the rapid decline in global oil prices, the fall in domestic gasoline prices will likely continue until after the Chuseok holiday.