Gasoline Prices Keep Falling

Gasoline prices across the country continue to fall along with global oil prices. Last week the average gasoline price fell for the 29th straight week, marking the longest continuous decrease since 1997.

The average price of gasoline at over 12,000 gas stations nationwide was W1,478 (US$1=W1,084) per liter last week, down W54 from the previous week, the Korea National Oil Corporation said.

Eighty percent of gas stations offered prices below W1,500 per liter, with the price hovering below W1,300 at 35 stations; between W1,300 and W1,399 at 4,576 stations; and between W1,400 and W1,499 at 5,579 stations.

Over the first 25 days of January, the price dropped by W141.

International oil prices fell on the New York Mercantile Exchange on Friday, with West Texas Intermediate crude for March delivery down 70 cents per barrel from a day earlier, and the spot price of Dubai crude lower by 20 cents.