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South Korean Retail Fuel Prices Extend Decline for 14th Consecutive Week
Energy Minerals · Oil Refining/Marketing · yonhap_finance · 2026-08-21
Retail gasoline and diesel prices in South Korea have fallen for 14 straight weeks, hovering in the mid-1,800 won range despite rising global oil prices.
What Happened
Domestic Price Trend: Retail fuel prices in South Korea have continued their downward trend for the 14th consecutive week. As of the third week of August, the average price of gasoline fell by 1.7 won to 1,862.5 won per liter, while diesel dropped by 1.4 won to 1,845.7 won.
Regional and Brand Variations: Seoul recorded the highest prices at 1,908.9 won, while Daegu offered the lowest at 1,835.6 won. Among brands, GS Caltex stations were the most expensive, whereas self-service stations maintained the lowest price points.
Global Market Factors: Global oil prices have faced upward pressure due to supply concerns, including geopolitical tensions in the Middle East. However, the impact was mitigated by increased supply from Saudi Arabia, with Dubai crude rising to 91.8 dollars per barrel.
Government Policy: To stabilize the domestic market, the government has maintained its cap on maximum petroleum prices. Market analysts note that changes in international oil prices typically take two to three weeks to reflect in local pump prices.