National Gasoline Prices Drop Below 1700 Won per Liter... Seven Days After Fuel Tax Reduction

[Image source=Yonhap News]

[Asia Economy Reporter Eunmo Koo] Seven days after the temporary fuel tax reduction measure was implemented, the nationwide average price of gasoline has fallen below 1700 KRW per liter.

According to the Korea National Oil Corporation's oil price information service OPINET, as of the afternoon of the 18th, the nationwide average gasoline price stands at 1699 KRW per liter. This is a decrease of 111 KRW compared to 1810 KRW on the 11th, the day before the fuel tax reduction.

The gasoline price was recorded at 1768 KRW on the day of the tax reduction, the 12th, and has since dropped daily to 1751 KRW → 1743 KRW → 1725 KRW → 1712 KRW → 1705 KRW.

The average gasoline price in Seoul, the region with the highest price nationwide, is still 1752 KRW. By region, the average gasoline price in seven areas including Seoul, Gyeonggi, Chungnam and Chungbuk, Gangwon, Jeonbuk, and Jeju remains in the 1700 KRW range, while the rest of the regions have fallen to the 1600 KRW range.

Refinery-operated gas stations and discount gas stations run by the Korea National Oil Corporation immediately reflected the fuel tax reduction and lowered prices starting on the 12th. General privately-owned gas stations, which account for about 90% of gas stations nationwide, have a lag of about 1 to 2 weeks to exhaust inventory purchased before the tax cut was implemented.

Since refinery-operated and discount gas stations are fewer in number than privately-owned stations, the actual consumer impact is expected to increase once all general gas stations complete reflecting the fuel tax reduction.

The lowest-priced gas station nationwide is the discount gas station Sangpyeong Gas Station in Chungbuk, with a gasoline price of 1567 KRW per liter. The lowest-priced gas station in Seoul is also a discount gas station, Mannamui Gwangjang Gas Station, at 1599 KRW per liter. The highest-priced gas station nationwide is Seogye Gas Station in Jung-gu, Seoul, still recording 2589 KRW per liter.

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