Average prices of gasoline and diesel in local gas stations both dropped this week.

According to Opinet, the Korea National Oil Corporation's online price tracker, the average price of gasoline at gas stations nationwide stood at one-thousand-711-point-seven won or around a dollar 25 per liter during the second week of May, down one-point-two won from a week earlier. This ended the six week streak of price increase.

The average price of diesel fell five-point-five won, to stand at one-thousand-560-point-eight won or around a dollar and 14 cents per liter. 

Global oil prices dropped this week amid the U.S. Energy Information Administration's(EIA) downward adjustment for its 2024 outlook on oil prices, among other factors.

The Korea Petroleum Association said the won’s strength against the U.S. dollar has also contributed to a dip in prices of domestic petroleum products.