Fuel Tax Cut D+2, Average Down 14.1 Won... Gasoline Price 1,807 Won in Second Week of November

Directly Operated and Discount Gas Stations Reflect Fuel Tax Reduction from the Day Before
Gasoline Price Drops 42.4 Won on First Day of Implementation
Price Cuts at Independent Gas Stations Accelerate Decline

On the 12th, when the government's six-month temporary 20% reduction in fuel tax began, fuel price information was displayed at a directly operated gas station in downtown Seoul. Photo by Mun Ho-nam munonam@

[Asia Economy Reporter Hwang Yoon-joo] On the 12th, the first day of the fuel tax reduction implementation, the average price of gasoline sold at gas stations nationwide fell by 42.4 won, followed by a drop of more than 14 won on the second day. With international gasoline prices declining this week, gasoline prices are expected to stabilize quickly next week.

According to Opinet, a fuel information site operated by the Korea National Oil Corporation, the nationwide average gasoline price at 12 PM on the 13th was 1,753.6 won, down 14.1 won from the previous day. This means gasoline prices have dropped by 56.5 won in just two days since the fuel tax reduction took effect.

Gasoline prices fell by more than 40 won in one day as directly operated gas stations run by oil refiners and discount gas stations operated by the Korea National Oil Corporation immediately reflected the fuel tax reduction from the previous day. Once independently operated gas stations begin to reflect the tax reduction, gasoline prices are expected to stabilize even faster.

However, the official average gasoline price last week, which did not reflect the fuel tax reduction, surpassed 1,800 won. This is the first time in seven years since September 2014 that the weekly average gasoline price exceeded 1,800 won.

In the second week of November (11.7~11), the nationwide average gasoline price at gas stations was 1,807.0 won per liter, up 17.4 won from the previous week. The price increase has been steadily decreasing from 45.2 won, 30.3 won, and 25.2 won to 17.4 won this week.

By region, the highest-priced area, Jeju, saw gasoline prices rise by 40.7 won to 1,898.4 won per liter, approaching 1,900 won. The lowest-priced area, Busan, recorded 1,784.1 won per liter, up 19.2 won.

By brand, GS Caltex gasoline was the most expensive at 1,815.7 won per liter, while discount gas stations were the cheapest at 1,777.5 won.

The nationwide diesel price at gas stations rose by 17.4 won to 1,602.6 won per liter.

Meanwhile, the price of Dubai crude oil, the benchmark for imported crude, was $82.5 per barrel, up $0.8 from the previous week. International gasoline prices fell by $2.0 to $96.4 per barrel compared to last week. International gasoline prices serve as the basis for the gasoline prices sold by domestic refiners at gas stations.

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