YONGSAN GARRISON, South Korea — With the annual summer spike in gas prices over, military bases in South Korea and Guam will see a 9-cent drop in most fuel prices beginning Saturday, officials said Tuesday.
The announcement by the Army and Air Force Exchange Service, which runs most on-base gas stations in the two countries, reverses a three-month trend of rising prices.
In South Korea, the price of unleaded will drop from $1.72 per gallon to $1.63.
The price of premium unleaded is dropping from $1.90 per gallon to $1.82. Diesel prices will increase one penny from $1.51 to $1.52.
On Tuesday, an LG gas station in Seoul’s Dongdaemun ward was selling unleaded gas for $4.14 per gallon. At the same station, diesel was going for $2.54 per gallon.
The changes are based on U.S. Department of Energy averages from the previous four-week period, AAFES said in a news release.
On Guam, the price for unleaded fuel is dropping from $1.73 to $1.64 per gallon; premium unleaded will drop from $1.92 to $1.83 per gallon, AAFES said.
“The prices for Guam were calculated using the AAFES overseas gas pricing formula, which takes the Department of Energy average price of gasoline in the continental United States and adds Guam’s local dispensing costs,” the AAFES release stated.
The decrease in overseas gas prices mirrors a similar trend in the United States.
According to the Lundberg Survey, a nationally-noted price survey, the average cost of all gasoline grades fell from $1.61 to $1.56 for the two-week period ending Oct. 24.
