Gasoline and diesel prices at local gas stations have both declined this week.

According to the Korea National Oil Corporation's(KNOC) price information system Opinet on Saturday, the average price of gasoline in the second week of May dropped by two-point-four won from the previous week, to one-thousand-637-point-four won per liter.

Diesel prices also fell, down three-point-three won to one-thousand-503-point-three won per liter.

Meanwhile, international oil prices rose this week as concerns over global demand eased following signs of de-escalation in the U.S.-China trade dispute.

Changes in international oil prices usually take about two to three weeks to be reflected in domestic gas stations.

An official at the Korea Petroleum Association said domestic fuel prices are expected to stabilize next week, citing continued drops in refined product prices and a weaker exchange rate.