Gasoline Price at 1,716.6 Won per Liter Following Fuel Tax Reduction

Weekly Price Trends of Domestic Petroleum Products

[Asia Economy Reporter Joo Sang-don] Gasoline prices at gas stations have fallen following a 20% reduction in fuel tax.

According to the Korea National Oil Corporation on the 21st, the gasoline price at gas stations in the third week of November dropped by 90.4 KRW from the previous week to 1,716.6 KRW per liter, halting the eight-week consecutive rise due to the government's implementation of a 20% fuel tax cut (on the 12th).

The average price at budget gas stations was the lowest at 1,645.6 KRW per liter, while SK Energy gas stations recorded the highest price at 1,733.2 KRW per liter.

The highest-priced region, Seoul, saw gasoline prices fall by 120.0 KRW from the previous week to 1,765.4 KRW per liter, which is 48.8 KRW higher than the national average price. The lowest-priced region, Daegu, recorded a gasoline price of 1,680.9 KRW per liter, down 107.3 KRW from the previous week, which is 35.7 KRW lower than the national average price.

The diesel price in the third week of November was 1,535.6 KRW per liter, down 67.0 KRW from the previous week.

International oil prices are declining due to factors such as the strengthening of the US dollar, upward revisions in supply forecasts by the International Energy Agency (IEA), the resurgence of COVID-19, and discussions on the release of strategic reserves by the US and China. In the third week of November, Dubai crude oil was priced at 80.6 dollars per barrel, down 1.7 dollars from the previous week.

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