▲ A vehicle refills diesel fuel at a gas station in central Seoul. 2022.9.18 News 1
Domestic gas station gasoline and diesel prices fell this week. International oil prices also fell below $80 a barrel due to concerns about a stronger dollar and a global economic downturn.
According to the Korea National Oil Corporation Opinet oil price information system on the 23rd, the average selling price of gasoline at gas stations nationwide in the third week of September (18-22) was 1731.6 won per liter, down 8.8 won from the previous week.
The average price of gasoline this week in Seoul, the highest price region in Korea, fell 11.2 won from last week to 1,800.
The selling price of diesel was also recorded at 1855.0 won, down 2.7 won from last week.
Domestic gasoline and diesel prices are also expected to fall next week.
An official from the Korea Petroleum Association said, “As international oil prices continue to fall this month, domestic gasoline and diesel prices will also fall for the time being.”
On the 23rd (local time) on the New York Mercantile Exchange, the West Texas Intermediate (WTI) contract price for the November contract ended at $78.74 per barrel, down $4.75 (5.69%) from the previous day. Based on the nearly one-month price of WTI, this is the lowest since January 10. Oil fell 7.10% this week alone.
Brent crude fell 5% on the same day to $85.98 a barrel, the lowest since January.
Oil prices were under pressure as the dollar strengthened due to aggressive tightening measures by the US central bank, the Federal Reserve (Fed) and turmoil in the UK financial market.
The ICE Dollar Index, which shows the value of the dollar against six major currencies, was trading at 113.085, up more than 1% from the previous day. This is the first time since May 2002 that the dollar index has crossed 113.
“The dollar has been soaring, pushing up the price of dollar-denominated commodities like crude oil,” John Kilduff, partner at Again Capital, said in the report. ” he analyzed.
Reporter Lee Jung-soo
