– The national average gasoline sales price is 1647.15 won… Daejeon 1646.75 won to 34.75 won↑
– Domestic oil prices are rising again despite the oil tax cut
Gasoline prices in Daejeon are on the rise. As international oil prices are on a steep rise, it is expected that domestic oil prices will rise for the time being beyond the government’s oil tax cuts.
According to Opinet, an oil price information service of Korea National Oil Corporation on the 24th, the national average selling price of gasoline on that day was 1,647.15 won per liter. It rose by 26.15 won from 2 weeks ago (1621 won). During the same period, diesel rose by 5 won from 1440 won per liter to 1465 won.
The average selling price of gasoline in Daejeon was 1646.75 won per liter, up from 1612 won to 34.75 won in two weeks. Diesel was 1463.53 won per liter, up 2.53 won from 1431 won.
Gasoline prices, which have risen in succession last month, broke through the weekly average of 1,800 won for the first time in seven years since 2015, reaching the highest level. However, as the rate of decline due to the recent fuel tax cut has slowed and international oil prices have soared, gasoline prices are showing a rebound nationwide. It is analyzed that this is due to the sharp rise in international oil prices since the end of last year, although all of the fuel tax cuts were reflected.
As of the 19th, the price of West Texas Intermediate (WTI) soared to $86.96 per barrel. It is the highest in seven years since October 2014. In the case of Dubai crude imported to Korea, the average price was 86.1 dollars per barrel, up 4.2 dollars from last week.
Considering that domestic gasoline prices follow international oil prices with a lag of 2-3 weeks, gasoline prices are expected to rise further for the time being. Some observers predict that the deadline for lowering the fuel tax may be extended as the government is focusing on price stability recently. The government lowered the fuel tax by 15% in 2018 and extended the cut for four months at the end of the cut.
