Gas Station Gas Prices Fall for 11th Week in a row...Forecast to rise in a week or two

The average weekly price of gasoline and diesel at local gas stations fell again this week, continuing an 11th consecutive week of decline.

According to the oil price information system Opinet, the average price of gasoline at gas stations nationwide fell 2.2 won to 1,585.4 won per liter in the second week of October compared to the previous week, while diesel fell 3.8 won to 1,416.6 won.

International oil prices rose this week due to geopolitical risks related to the Middle East and concerns about disruptions in oil supply and demand due to U.S. hurricane damage, and gas prices at domestic stations are also expected to be affected with a one- to two-week lag.