S. Korea, Guam gas prices drop again
January 3, 2004
YONGSAN GARRISON, South Korea — Drivers in South Korea and Guam will see a slight dip in January fuel prices, Army and Air Force Exchange Service officials said Wednesday.
On Thursday, the price of a gallon of unleaded at base gas stations in South Korea dropped from $1.57 to $1.53. The price for premium unleaded moved from $1.76 to $1.73.
The price for diesel fuel remains unchanged at $1.53 per gallon.
On Guam, the price for unleaded fuel on-base dropped from $1.58 to $1.55 per gallon; premium unleaded went from $1.77 to $1.74.
“These 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,” AAFES officials said in a written announcement of the new prices.
The changes in South Korea are based on the Energy Department averages from the previous four-week period, officials said.
At an LG gas station in Seoul the price Wednesday for a gallon of regular unleaded was $4.04; a gallon of diesel ran $2.54.
The announcement caps a year of up-and-down swings in gas prices, with some months seeing as much as a 12-cent spike. The price fluctuation reflects the volatile gas market in the United States this year.
According to Lundberg Survey, a nationally recognized barometer of fuel prices, average retail stateside gas prices were up more than 20 cents per gallon from 2002.
In the United States, the national average price peaked at $1.76 per gallon two days after the invasion of Iraq.
At AAFES stations in South Korea, the price of regular unleaded topped out at $1.72 per gallon in October.
Last January, the national average was $1.50 per gallon.
By last week, the average national price was $1.51 a gallon, Lundberg survey reported.