Gas station gas prices across the country fell for the fifth week in a row after the fuel tax cut.
According to the Korea National Oil Corporation oil price information site Opinet, the selling price of gasoline at gas stations nationwide in the third week of this month was 1,648.9 won per liter, down 15.8 won from the previous week.
Gasoline price reached 1,807.0 won per liter in the second week of November, the highest since September 2014, and turned downward after the fuel tax cut was implemented on the 12th of the same month.
The five-week drop in gasoline prices was 90.4 won, 29.1 won, 9.8 won, 13.0 won, 15.8 won, etc.
The fuel tax cut by the government is 164 won per liter for gasoline.
Five weeks after the fuel tax cut was implemented, the actual cut was about 158 won.
By region, the price of gasoline in Seoul, the highest price region in the country, fell by 15.7 won from the previous week to 1,704.9 won per liter, and in Busan, the lowest price region, 12.7 won to 1,614.1 won per liter.
The selling price of diesel at gas stations nationwide also fell by 17.7 won to 1,472.1 won per liter.
International oil prices stopped falling for a while and continued to rise this week after last week.
The average price of Dubai crude, the standard for crude oil imported into Korea, rose 0.3 dollars to 73.2 dollars per barrel.
The international gasoline price rose 1.7 dollars to 86.5 dollars per barrel.
The Korea National Oil Corporation explained that “international oil prices are on the rise due to a decrease in US crude inventories and an increase in oil demand from the Organization of Petroleum Exporting Countries (OPEC).”
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