Local gasoline and diesel prices have dropped for the third week. 

According to oil price portal Opinet run by the Korea National Oil Corporation, the average price of gas sold at pumps nationwide fell eleven-point-five won to one-thousand-763-point-five won per liter in the fourth week of October.

The average price of diesel slipped four-point-eight won to one-thousand-684-point-five won.

Global oil prices also dropped this week amid a reduced likelihood of a wider conflict in the Middle East, recession fears in Europe and concerns of high interest rates in the U.S. staying for longer.

However following news of Israel's expanded ground operation in Gaza, which spiked concerns on oil supply, the West Texas Intermediate for December delivery hit a weekly high on the New York Mercantile Exchange on Friday, rising two dollars 33 cents, or two-point-eight percent, from the previous day to 85 dollars 54 cents a barrel, the highest since last Friday.

The Dubai crude, South Korea's benchmark, fell a dollar 30 cents this week to 90 dollars 50.

International gasoline prices edged up 60 cents this week to hit 95 dollars 50 cents while the average price of diesel fuel for cars shed three dollars 60 cents to dip to 116 dollars.

It typically takes around two weeks for changes in global prices to impact costs at domestic pumps.