Photo : YONHAP News
The average prices of gasoline and diesel both fell for the eleventh consecutive week.
According to the Korea National Oil Corporation’s(KNOC) price information system Opinet on Saturday, the average price of gasoline dropped two-point-two won on-week to one-thousand-585-point-four won per liter, or one U.S. dollar and 17 cents, in the second week of October.
The average price of diesel also fell three-point-eight won to one-thousand-416-point-six won per liter.
Global oil prices surged this week due to supply disruptions stemming from the ongoing geopolitical risks in the Middle East as well as the hurricane damage in the United States.
The Dubai crude, which serves as South Korea’s benchmark, rose three-point-six cents from last week to 77 dollars and 90 cents per barrel.
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 domestic prices to rise starting next week.