Local gasoline prices fell below one-thousand-700 won a liter for the first time in three months on the back of a slide in international oil prices.

According to Opinet, the Korea National Oil Corporation's online tracker, as of 9 a.m. Saturday, the average price of gas sold at pumps nationwide fell three-point-48 won from the previous day, marking one-thousand-699-point-65 won per liter. 

This marked the first time since August 8 that it has dipped below the one-thousand-700 won mark.

After nearing one-thousand-800 won a liter in early October, local gasoline costs fell for five straight weeks since the second week in October as international oil prices dropped amid easing geopolitical risks in the Middle East, rising U.S. oil reserves and weakening demand. 

Diesel prices have also fallen for five straight weeks, dropping to one-thousand-777-point-16 won a liter as of 9 a.m. Saturday, shedding five-point-14 won from Friday.

The decline in local gasoline and diesel prices will likely continue for the next week or two.