Gasoline prices in South Korea have fallen across the country for the second-straight week after not decreasing for over four months prior.

According to Opinet, an oil price information website run by the Korea National Oil Corporation, the average nationwide price of regular gasoline fell seven-point-four won per liter to one-thousand-527-point-seven won in the second week of June.

The weekly drop is much larger than the one-point-two won drop observed last week.

This week, average gasoline prices were highest on Jeju Island at over one-thousand-615 won, while Seoul recorded one-thousand-613 won.
 
The average price of diesel fell seven-point-two won per liter to one-thousand-389-point-six won.

An official at the National Oil Corporation said that global oil prices have meanwhile jumped in the wake of oil tanker attacks in the Gulf of Oman and decreased output in May by OPEC.

It typically takes about two to three weeks for global costs to be reflected in domestic prices.