Local prices of gasoline and diesel fell for the 11th straight week.

According to Opinet, the Korea National Oil Corporation's online tracker, the nationwide gasoline price in the third week of December was one-thousand-588-point-five won per liter, 18-point-one won less than the previous week.

It was the first time in about four months that the weekly price of gasoline fell into the one-thousand-500 won range.

The weekly diesel price was one-thousand-509-point-six won per liter, 25 won less than the previous week.

International oil prices climbed this week due to threats to Red Sea shipping by Houthi rebels in Yemen and expectations of a European interest rate cut.

Domestic oil prices usually take about two weeks to reflect changes in international oil prices.

An official from the Korea Petroleum Association predicted that local oil prices would continue to decline next week, reflecting the fall in international oil prices two or three weeks ago.

He added that this week's rise in international oil prices may not necessarily lead to a rise in local oil prices.