Domestic gasoline and diesel prices continued to drop for the tenth straight week.
According to Opinet, a Web site on oil price information run by the Korea National Oil Corporation, the average price of regular gasoline sold at filling stations nationwide fell an average 20 won per liter to one-thousand-355 won in the second week of January, the lowest in 34 months since March 2016.
The price of gasoline has dropped 335 won in the past ten weeks since late October.
The price of diesel for automotive fuel also fell more than 19 won in just one week to one-thousand-253 won per liter, the lowest since August 2017.
The National Oil Corporation says that while global oil prices have actually risen following a positive assessment of U.S.-China trade talks and improved investor sentiment on risk assets, domestic prices are expected to remain weak as it takes time for global prices to be reflected at home.