South Korea gasoline prices fall for 20th straight week
In short
Nationwide average gasoline prices at South Korean filling stations fell for a 20th consecutive week, to 1,857.6 won per litre in the week of September 27 to October 1, down 0.4 won from the previous week, according to Korea National Oil Corporation Opinet data cited by Chosun Ilbo. Chosun Ilbo said the continued decline appears to reflect the government’s petroleum maximum price system, which it said has been maintained since the Middle East war began. Maeil Business also reported the 20-week slide, citing the same weekly Opinet release.
Why it matters
The 20-week run of falling pump prices affects what drivers pay and feeds into consumer inflation, though no document quantified the saving for households. Chosun Ilbo tied the trend to a government petroleum maximum price system kept in place since the Middle East war began, meaning the level of retail fuel prices in South Korea is being shaped by policy as well as by markets. The documents do not say how long the measure will remain in force.
Key facts
- Nationwide gasoline prices at filling stations fell for a 20th consecutive week, according to reports by Kukmin Ilbo, Maeil Business and Chosun Ilbo. [ 1 , 2 , 3 ]
- Chosun Ilbo reported the nationwide average gasoline price in the fifth week of September (September 27 to October 1) at 1,857.6 won per litre, down 0.4 won from the previous week, citing the Korea National Oil Corporation’s Opinet system. [ 3 ]
- The figures come from the Korea National Oil Corporation’s Opinet oil price information system, which Maeil Business said released its fifth-week September domestic petroleum product price trends on October 3. [ 2 , 3 ]
- Chosun Ilbo said the decline appears to reflect the government’s petroleum maximum price system, which it said has been maintained since the Middle East war broke out. [ 3 ]
- Maeil Business described the weekly change as a slight decline, while Chosun Ilbo gave the precise national average. [ 2 , 3 ]
- Kukmin Ilbo carried the story as a photo item titled “Gasoline prices fall for 20 consecutive weeks.” [ 1 ]
Confirmed by several sources
Still unclear
- The exact national average price and the size of the weekly decline rest on a single outlet, Chosun Ilbo; the Maeil Business summary is cut off before the price figure and Kukmin Ilbo carries only a headline. Single-source detail from the documents available, although Chosun Ilbo attributes it to the official Opinet system.
- The documents do not establish the full reason for the 20-week decline; only Chosun Ilbo offered a factor, saying the government’s maximum price system appears to be reflected. Causal explanation is single-source and hedged with “appears to be,” not stated as confirmed.
- No document says how long the government’s petroleum maximum price system will stay in place or how far prices have fallen over the 20 weeks. The documents give no cumulative figure or end date.
- The national average gasoline price for the fifth week of September (September 27 to October 1) was 1,857.6 won per litre, down 0.4 won week on week, according to Opinet data reported by Chosun Ilbo. Reported by a single source so far
What local media are saying
Timeline, local time
- Kukmin Ilbo publishes a photo item headlined “Gasoline prices fall for 20 consecutive weeks.” [ 1 ]
- Maeil Business reports the 20th consecutive weekly decline, citing Opinet’s fifth-week September domestic petroleum product price trends. [ 2 ]
- Chosun Ilbo reports the national average of 1,857.6 won per litre for September 27 to October 1, down 0.4 won, and cites the government’s petroleum maximum price system. [ 3 ]