Gasoline prices at domestic gas stations have declined for the eighth consecutive week.

According to the Korea National Oil Corporation’s price information system, Opinet, on Friday, the average price of gasoline at nationwide gas stations stood at one-thousand-690-point-six won per liter in the fourth week of January, down five-point-six won from the previous week.

The average price of diesel also fell six-point-two won on-week to one-thousand-583-point-eight won per liter.

International oil prices rose during the same period amid market concerns over the possibility of U.S. military action against Iran, as well as disruptions to oil production in the United States and Kazakhstan. 

The price of Dubai crude, Korea's benchmark for imported oil, increased two dollars and ten cents on-week to 64 dollars and 40 cents per barrel.

An official at the Korea Petroleum Association said that based on recent trends in international oil prices, gasoline prices are likely to continue falling next week, while diesel prices are expected to shift to an upward trend. 

International oil price moves typically filter through to domestic gas station prices with a lag of about two to three weeks.