Korea's gas prices drop while global crude soars

The average price of gas in Korea dropped to 1584.15 won ($1.17) per liter on Tuesday.

Gas prices are shown at a gas station in the Seoul Mannamui Gwangjang Service Area, a highway rest stop in Seocho District, southern Seoul, on Oct. 6. [YONHAP]

The average price of gas in Korea dropped to 1584.15 won ($1.17) per liter (0.26 gallons) on Tuesday, down 38.05 won from the average of 1,622.20 won recorded for the month of September, according to oil price tracker Opinet. Gas prices fell below 1,600 won in late September for the first time in 33 weeks.

But Brent crude, a benchmark for global oil prices, surged over $80 per barrel on Tuesday for the first time since August over geopolitical supply concerns following Iran's recent attack on Israel, leading to analysts predicting a rise in Korea as well.

In this picture, gas prices are shown at a gas station at the Seoul Mannamui Gwangjang Service Area, a highway rest stop in Seocho District, southern Seoul, on Oct. 6.

BY KIM JU-YEON [kim.juyeon2@joongang.co.kr]