Photo : YONHAP News
Average prices of gasoline and diesel both fell for the ninth consecutive week.
According to the Korea National Oil Corporation’s(KNOC) price information system Opinet on Saturday, the average price of gasoline dropped 14-point-seven won on-week to one-thousand-600-point-four won per liter, or one U.S. dollar and 22 cents, in the fourth week of September.
The average price of diesel also fell 16-point-two won to one-thousand-435-point-two won per liter.
Global oil prices slightly rose this week due to disruption in crude production from the hurricane in the U.S., the announcement of China’s economic stimulus plan, and rising geopolitical tensions in the Middle East.
While changes in international oil prices are usually reflected in domestic gas prices after about two to three weeks, an official at the KNOC expected the downward trend to slow down or stop next week.