[Economic Outlook] Fuel Tax Cut by 20% from the 12th... Employment Trends Also in Focus

October Export and Import Price Index Released by Bank of Korea on the 12th

Starting from the 12th, ahead of the 20% reduction in fuel tax, a gas station in Yeouido, Seoul, is selling gasoline at 2,215 KRW per liter. According to Opinet, the oil price information service of the Korea National Oil Corporation, the nationwide average gasoline price at gas stations for the fourth week of October (October 25-29) was recorded at 1,762.8 KRW per liter, up 30.3 KRW from the previous week.

Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Jang Sehee] The government will reduce the fuel tax by 20% starting from the 12th.

Assuming the 20% fuel tax reduction is fully reflected in consumer prices, gasoline prices are expected to decrease by 164 KRW per liter, diesel by 116 KRW, and LPG butane by 40 KRW each.

The government plans to encourage refinery-operated gas stations and budget gas stations to immediately reflect the fuel tax reduction in their selling prices starting from the 12th.

To help consumers conveniently find gas stations reflecting the fuel tax reduction, such as budget gas stations, the government will provide real-time price reduction information on the Opinet website (www.opinet.co.kr) and smartphone app.

On the 10th, Statistics Korea will release employment trends. The number of employed people in September was 27,683,000, an increase of 671,000 compared to the same month last year. This is the largest increase in 7 years and 6 months since March 2014 (726,000).

On the same day, the Bank of Korea will announce the "Financial Market Trends for October," including household loan balances and growth rates. Despite financial authorities and banks' regulations on household loans in September, the household loan balance at banks (1,052.7 trillion KRW) increased by 6.5 trillion KRW compared to August.

On the 12th, the Bank of Korea will release the "October Export and Import Price Index." The import price index has risen for five consecutive months from May to September. Due to rising crude oil and raw material prices, import prices are expected to increase further last month.

This content was produced with the assistance of AI translation services.