Photo : YONHAP News
The average prices of gasoline and diesel dropped for the eighth consecutive week.
According to the Korea National Oil Corporation’s(KNOC) price information system Opinet on Saturday, the average price of gasoline dropped 21 won on-week to one-thousand-615-point-one won per liter, or approximately one U.S. dollar and 21 cents, in the third week of September.
The average price of diesel also fell 21-point-eight won to one-thousand-451-point-four won per liter.
Global oil prices rose due to the cut in U.S. interest rates and rising tensions in the Middle East.
The week-on-week price of Dubai crude increased by one dollar and 60 cents to 73 dollars and 50 cents per barrel, leading to a rise in global gasoline prices by two dollars and 30 cents to 78 dollars and 60 cents, and in diesel prices by 40 cents to 83 dollars and 10 cents.
An official at the KNOC said although the fluctuation in international oil prices has created factors that may lead to an increase in domestic gasoline prices, it remains to be seen whether there will be an actual impact. The official added that the downward trend will likely continue until next week.