Ahead of next month’s fuel tax cut, domestic gasoline prices rose by more than 30 won per liter only this week. The photo shows gasoline being sold at 2,390 won per liter and diesel at 2,190 won per liter at a gas station in downtown Seoul on the 26th. / Photo = News 1
Ahead of next month’s fuel tax cut, domestic gasoline prices rose by more than 30 won per liter only this week.
According to the Korea National Oil Corporation’s oil price information service Opinet on the 30th, the average nationwide gasoline sales price in the fourth week of this month was 1762.8 won per liter, up 30.3 won from the previous week. It is the highest in seven years since the fourth week of October 2014 (1776.4 won). Domestic gasoline prices have been rising for the sixth straight week.
By region, the price of gasoline in Seoul, the highest-priced region, recorded 1840.8 won, up 32.2 won from the previous week. Gasoline prices in Busan, the lowest region, recorded 1741.5 won, up 26.4 won from last week.
The selling price of diesel at gas stations nationwide was 1560.9 won per liter, up 30.5 won from the previous week.
International oil prices continued to rise. The average price of Dubai crude, which is the standard for crude oil imported into Korea, rose 0.4 dollars from the previous week to 83.4 dollars per barrel.
The government has decided to cut the fuel tax on gasoline, diesel and LPG butane by 20% from the 12th of next month to the 30th of April next year.
If the 20% reduction in fuel tax is reflected in consumer prices, gasoline will be cut by 164 won per liter and diesel by 116 won per liter. The government estimates that this fuel tax cut will reduce the fuel tax burden by a total of 2.5 trillion won over the next six months.
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