(C) Autodeal

Domestic fuel prices in South Korea continued their downward trend this week, marking the fifth consecutive week of decline for both gasoline and diesel.

According to Opinet, the Korea National Oil Corporation’s fuel price information service, the average retail price of gasoline at pumps nationwide stood at 1,720.7 won per liter for the first week of January (Jan 4–8), down 9.1 won from the previous week.

Regional and Brand Breakdown
Price variations remained consistent across the country:

Highest Prices: Seoul recorded the highest average at 1,779.5 won per liter, despite a 10.1-won drop.
Lowest Prices: Daegu saw the lowest average at 1,687.6 won, decreasing by 11.1 won.
By Brand: SK Energy maintained the highest average price at 1,729.0 won, while "Alttul" (thrift) stations offered the most competitive rates at 1,699.7 won.
The average price of diesel also saw a significant reduction, falling 13.3 won to settle at 1,619.8 won per liter.

International Market Influence
Global oil prices experienced volatility this week. While prices briefly spiked following the detention of Venezuelan President Nicolás Maduro by U.S. forces over the weekend, the market quickly stabilized. Analysts suggested that the impact on global supply would be limited, leading to a subsequent price dip.

Dubai Crude: The benchmark for South Korean imports fell by $2.6 to $58.6 per barrel.
International Gasoline: Held steady at $71.7.
International Diesel: Saw a slight uptick of $0.1 to $79.8.
Industry experts note that changes in international oil prices typically take two to three weeks to be reflected at domestic pumps, suggesting that the current downward trend may continue in the short term.

[ⓒ Global Economic Times. 무단전재-재배포 금지]