South Korea gasoline prices slip below 2,000 won a litre as of June 27, with diesel at 1,982.3 won

South Korea’s average retail gasoline price fell below 2,000 won per litre on June 27 for the first time in nearly two months, reaching 1,991.1 won, while diesel dropped to 1,982.3 won per litre. The decline follows a government move to cut the fuel price ceiling, including a 150 won reduction in the cap for regular gasoline to 1,784 won per litre, after Dubai Crude slid 34.3% over the past month from US$98 per barrel on May 26 to $64.4 Thursday. Analysts expect pump prices to ease gradually over the next two to three weeks, though a weaker won and a rebound in refined product prices could limit further declines.