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The gasoline sale price is displayed as 1,869 won at a gas station in Seoul on July 26. / Photo by Reporter Park Seong-il

Gasoline and diesel prices at gas stations nationwide dropped for 11 consecutive weeks. As international oil prices also showed a downward trend, the likelihood that domestic fuel prices will continue to fall for the time being has increased.

According to the Korea National Oil Corporation's oil price information system Opinet on August 1, the average gasoline sales price at gas stations nationwide for the fifth week of July (July 26-30) stood at 1,869.1 won per liter, down 3.3 won from the previous week.

By region, Seoul recorded the highest price at 1,910.1 won, down 1.2 won from the previous week. Ulsan, the lowest-priced region, dropped 1.6 won to 1,843.8 won.

By brand, average sales prices were highest at GS Caltex gas stations at 1,873.3 won and lowest at self-service "Alttul" gas stations at 1,861.3 won.

The average diesel sales price at gas stations nationwide came in at 1,852.8 won per liter, down 4.1 won from the previous week.

International oil prices fell this week due to factors such as a temporary halt in strikes between the United States and Iran, alongside discussions on forming a multinational coalition to secure navigation safety in the Red Sea.

Dubai crude, the benchmark for imported crude oil prices, dropped $7.2 per barrel from the previous week to $80.7. International gasoline prices fell $2.9 to $115.9, while automotive diesel prices dropped $2.0 to $158.

Changes in international oil prices are generally reflected in domestic gas station retail prices with a time lag of two to three weeks.

Meanwhile, the government is maintaining maximum petroleum price limits to curb increases in domestic petroleum product prices driven by international market volatility. The eighth maximum price limits designated on July 25 stand at 1,784 won per liter for gasoline, 1,773 won for diesel, and 1,380 won for kerosene, remaining identical to the seventh maximum limits.

                                                                                                         Nam Hyun-soo