Domestic gasoline prices are expected to keep sliding and soon hit the 1,300 won ($1.09) per liter mark due to a steady decline in international crude oil prices, according to government data.

Data compiled by the Korea National Oil Corp. showed gasoline prices at nationwide service stations standing at just over 1,400 won per liter. Industry watchers say prices are likely to hit 1,300 won for the first time in seven years.

“It looks like gas (prices) will go downhill for the time being as the markets struggle with oversupplies,” said one official at a local refinery.

Gasoline prices here have been falling for almost three consecutive months after hitting 1,500 won late last year.

As of December 2015, up to 6,947 -- more than half of the nation’s gas stations -- were selling gas at 1,400 won or lower per liter.

The price at some stations went down to the 1,200 won range, the data showed. A station in North Chungcheong Province, for instance, sells gas at 1,265 per liter.

Meanwhile, diesel prices are already below 1,200 won per liter. As of Jan.4, the average nationwide selling price was at around 1,186 won, according to the oil corporation data.

(khnews@heraldcorp.com)