Gasoline Price Drops by 98.2 Won... Hong Nam-gi Urges Swift Reflection of Fuel Tax Reduction

On-site Visit for Price Monitoring

Deputy Prime Minister for Economic Affairs Hong Nam-ki, who went out to inspect the cost of living at the grassroots level, is talking with a citizen at the Meeting Plaza gas station in Yangjae-dong on the morning of the 17th.
[Image source=Yonhap News]

[Sejong=Asia Economy Reporter Son Seonhee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, said on the 17th, "The reduction in the fuel tax must be reflected quickly to lower the burden of fuel costs on the public and stabilize prices." Since the 20% fuel tax cut took effect on the 12th, the national average gasoline price has dropped by 98.2 KRW per liter compared to the 11th.

On the same day, Deputy Prime Minister Hong visited the Mannam Square gas station in Seoul and the Yangjae Nonghyup Hanaro Mart, stating, "Through the operation of the public-private joint market inspection team and the daily inspection system, we are closely monitoring the reflection of the fuel tax reduction, and we ask the Ministry of Industry to actively cooperate so that the effects of the fuel tax cut can be quickly seen even at self-service gas stations." The field visit was conducted to check the status of the fuel tax reduction, petroleum product price trends, and agricultural and livestock product price trends in preparation for the kimchi-making season.

After hearing the status of the fuel tax reduction at the Mannam Square gas station in Seoul, Deputy Prime Minister Hong said, "We have taken preemptive measures such as extending delivery times and immediately lowering gas station supply prices to ensure the fuel tax cut is quickly reflected." He explained, "Compared to the 11th, the national average prices have fallen by 98.2 KRW for gasoline (59.9% reflected), 73.7 KRW for diesel (63.5% reflected), and 37.8 KRW for LPG (94.4% reflected), showing that the fuel tax reduction has been rapidly reflected within five days."

Deputy Prime Minister Hong then moved to the Yangjae Nonghyup Hanaro Mart to check agricultural and livestock product price trends and held a meeting with related ministries and agencies. He said, "We will continue efforts to stabilize prices through supply and demand management and discount events for major items with relatively high prices such as kimchi vegetables, rice, and livestock products."

He also urged "thorough implementation of measures to stabilize living costs, including the swift reflection of the fuel tax cut and stabilization of kimchi vegetable supply," adding, "As upward pressure on prices is expanding, we will respond with utmost vigilance and full efforts to stabilize living costs."

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