Both gasoline and diesel prices fell this week with the price of gas in particular sliding to the 15-hundred won range for the first time in two months. 

According to oil price portal Opinet run by the Korea National Oil Corporation, the average price of gas sold at pumps nationwide fell ten-point-six won to one-thousand-599 won per liter in the fifth week of May, marking a decline for the fifth straight week.

The price of diesel dropped 17-point-seven won this week to reach one-thousand-421-point-three won per liter, marking the sixth week of a downward trend.

The price falls are attributed to increased inventory in the U.S. and sluggish economic indicators in China forecasting lackluster demand.