Gasoline and diesel prices fall for the third week in a row… Strong ‘international oil price’ shifts to correction

Oil price information is displayed at a gas station in downtown Seoul / ⓒNewsis DB

[시사포커스 / 이청원 기자] Domestic oil prices, which had risen for the 10th week in a row in the aftermath of the Russian invasion of Ukraine, have fallen for the third week in a row.

According to Opinet, an oil price information service of Korea National Oil Corporation on the 17th, the average selling price of gasoline at gas stations nationwide in the second week of April was 13.3 won per liter down to 1977.2 won, and the diesel price fell 9.2 won per liter to 1902.6 won per liter. did

By region, the average price of gasoline this week in Seoul, the highest price region, was 2034.7 won per liter, down 15.0 won from the previous week, and Daegu, the lowest price region, recorded 1952.1 won, down 17.4 won from the previous week.

By brand, GS Caltex was the most expensive at 1985.6 won per liter, and thrifty gas station gasoline was the cheapest at 1951.8 won per liter.

Gasoline prices set a record high for 10 consecutive weeks, but are showing a downward trend for 3 weeks in a row due to the international oil price adjustment. The downtrend is interpreted as the effect of international oil prices, which have continued to rise due to unstable international conditions such as the war between Russia and Ukraine, but have recently stalled.

In addition, it is predicted that the US and Korea will release oil reserves and OPEC+ will increase production by 430,000 barrels a day starting in May, suggesting that it is highly likely to decline for the time being.

In addition, the strengthening of the US dollar and the downward revision of the International Energy Agency’s (IEA) forecast for world oil demand also played a role.

Meanwhile, according to the international oil price situation, the government decided to expand the oil tax cut to 30%, resulting in additional cuts of 83 won per liter for gasoline and 58 won per liter for diesel.

However, the effect of the cut is expected to take some time as the prices of general self-employed gas stations, which account for most of the gas stations, will decrease after exhausting all of the stock they received before the additional fuel tax cut.


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