Gasoline and diesel prices at domestic gas stations have declined for the fifth straight week, dropping to their lowest levels in over two months.

According to the Korea National Oil Corporation's (KNOC) price information system Opinet on Saturday, the average price of gasoline fell fifteen-point-nine won on-week to one-thousand-699-point-nine won per liter.

This marks the first time in nine weeks that gasoline prices have fallen into the 16-hundred-won range.

The average price of diesel also dropped sixteen-point-six won to one-thousand-565-point-three won per liter.

International oil prices declined this week amid continued concerns over a global economic slowdown due to U.S. tariff policies, a downward revision of oil demand forecasts by the International Energy Agency, and progress in ceasefire talks between Russia and Ukraine.

An official at the Korea Petroleum Association projected that domestic fuel prices will continue to slide through the end of the month, with gasoline prices expected to fall at a steeper rate than diesel.