Despite the surge in international oil prices, domestic gas station fuel prices continue to fall for the 17th consecutive week

As armed conflict spread in the Middle East, international oil prices rose sharply in just one week, but fuel prices at domestic gas stations fell for the 17th consecutive week. There is usually a lag of two to three weeks before fluctuations in international oil prices are reflected in domestic retail prices, and the government's oil price cap system is also acting as a factor slowing the pace of price increases. According to Opinet by the Korea National Oil Corporation, the average gasoline price at gas stations nationwide in the second week of September was 1,859.1 won per liter, down 1.1 won from the previous week. The average diesel price also fell by 0.5 won to 1,844.0 won. By region, Seoul was the most expensive, while Daegu was the cheapest. By contrast, in the international market, Dubai crude surged by 14.4 dollars from the previous week to 114.7 dollars per barrel. International gasoline and diesel prices also rose. The industry expects these increases to be gradually reflected in domestic gas station prices starting at the end of this month.