Diesel prices at the pump have ended an eight week decline while gasoline prices continue to fall for a ninth week. But the increase and decrease are both moderate and prices overall remain steady. 

According to oil price portal Opinet run by the Korea National Oil Corporation, the average price of gasoline sold at pumps nationwide fell three-point-five won to one-thousand-740-point-three won per liter in the fifth week of August. 

The cost of gasoline continues to drop due to lower global oil prices and the government's fuel tax cut expanded to 37 percent since July.

However, the price of diesel slightly rose this week by one won to one-thousand-844-point-six won per liter.

An official at the National Oil Corporation noted that global oil prices plummeted this week on the back of concerns of contracting demand following COVID-19 lockdowns in major Chinese cities.

The official predicted that domestic gasoline prices may see a modest rise next week, but that's unlikely to lead to a further rebound.