Average prices of gasoline and diesel at fuel stations around the country have continued to fall for the fourth consecutive week.

According to the Korea National Oil Corporation's(KNOC) oil price information provider on Saturday, the average price of gasoline dropped seven-point-eight won on-week to one-thousand-689 won per liter, or one U.S. dollar and 27 cents, in the third week of August.

The average prices of diesel fell eight won to one-thousand-526-point-six won per liter.

Global oil prices dropped this week amid sluggish economic indicators and eased geopolitical risks in the Middle East.

The Dubai crude decreased two dollars and 90 cents on-week to 76 dollars and 20 cents per barrel, leading to a decline in global gasoline prices by two dollars and 90 cents to 83 dollars and 20 cents, and in diesel prices by four dollars and 60 cents to 90 dollars and 20 cents.

An official at the KNOC expected the downward price stabilization tendency to continue for the time being, in line with the eased Middle East tensions.