Local gasoline and diesel prices have dropped for two straight weeks.

According to oil price portal Opinet run by the Korea National Oil Corporation, the average price of gas sold at pumps nationwide fell 13-point-three won to one-thousand-755 won per liter in the third week of October.

The average price of diesel dropped seven won to one-thousand-689-point-three won per liter. 

After topping one-thousand-700 won for the first time in nine months two weeks ago, the gas and diesel prices last week took a downturn for the first time in 14 weeks.

Global oil prices dropped overall due to various factors including Iran's request to stop the supply of petrol to Israel, the rising tensions in the Middle East and signs that the U.S. Federal Reserve will extend the interest rate pause. 

The price of Dubai crude, South Korea's benchmark, rose three-point-four dollars to hit an average 91 dollars 40 cents a barrel this week.