Gasoline Prices at Gas Stations Drop by an Average of 90.4 Won One Week After Fuel Tax Reduction

Gasoline Price in the Third Week of November 1716.6 Won
International Gasoline Down 3.4 Dollars from Previous Week

[Image source=Yonhap News]

[Asia Economy Reporter Hwang Yoon-joo] Following the fuel tax reduction measure implemented on the 12th, the nationwide average gasoline price this week dropped by more than 90 won, reaching the 1710 won range.

According to the Korea National Oil Corporation's oil price information service Opinet on the 20th, the nationwide average gasoline retail price at gas stations for the third week of November (11.7~11) was 1,716.6 won per liter, down 90.4 won from the previous week.

By region, Seoul, the area with the highest price, recorded a gasoline price of 1,765.4 won, down 120.0 won from the previous week. Daegu, the area with the lowest price, saw its gasoline price fall by 107.3 won to 1,680.9 won.

By brand, SK Energy gasoline was the most expensive at 1,733.2 won per liter, while Altteul Gas Station was the cheapest at 1,483.6 won.

The nationwide diesel retail price at gas stations was 1,535.6 won per liter, down 67.0 won.

Gasoline prices had risen for eight consecutive weeks, surpassing a weekly average of 1,800 won for the first time in seven years, but after one week of the fuel tax reduction, prices dropped by more than 108 won, showing signs of stabilization.

Next week, domestic gasoline prices are expected to decrease further due to the participation of independent gas stations in the fuel tax reduction and the decline in international gasoline prices. Due to the gasoline distribution structure, there is a time lag of about 1 to 2 weeks before the fuel tax reduction on gasoline is actually reflected in the retail prices of independent gas stations.

Meanwhile, the price of Dubai crude oil, which serves as the benchmark for imported crude, was $80.6 per barrel, down $1.7 from the previous week. The international gasoline price fell by $3.4 to $92.4 per barrel compared to the previous week.

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