Gasoline Prices at Gas Stations Drop for 2 Consecutive Weeks... Nationwide Average 1,687.5 Won

Weekly Average Fuel Tax Reduction of 119.5 Won Over 2 Weeks
Weekly Average Diesel Price 1511.9 Won

On the 12th, when the government's six-month temporary 20% reduction in fuel tax began, the fuel price information board at a directly operated gas station in downtown Seoul showed gasoline priced at 2,061 won per liter (ℓ), down 164 won. The photo on the right shows the fuel price information at the same gas station on the 11th. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Hwang Yoon-joo] The nationwide retail price of gasoline at gas stations has fallen for two consecutive weeks following a fuel tax reduction, reaching the 1,600 KRW range.

According to the Korea National Oil Corporation's oil price information service Opinet on the 27th, the average retail price of gasoline at gas stations nationwide for the fourth week of November (11.22~26) was recorded at 1,687.5 KRW per liter, down 29.1 KRW from the previous week.

By region, Seoul, the area with the highest price, saw gasoline prices drop by 120.0 KRW to 1,765.4 KRW per liter compared to the previous week. Daegu, the area with the lowest price, recorded a decrease of 107.3 KRW to 1,680.9 KRW per liter.

By brand, SK Energy gasoline was the most expensive at 1,698.5 KRW per liter, while Altteul Gas Stations were the cheapest at 1,646.8 KRW per liter.

The nationwide diesel retail price at gas stations fell by 23.7 KRW to 1,511.9 KRW per liter.

Earlier, as gasoline prices rose for eight consecutive weeks and the weekly average exceeded 1,800 KRW for the first time in seven years, the government reduced the fuel tax. The gasoline price drop was 90.4 KRW on average in the first week after the fuel tax cut, and 29.1 KRW this week, totaling about 120 KRW over two weeks.

Meanwhile, the price of Dubai crude oil, the benchmark for imported crude, was $80.1 per barrel, down $0.5 from the previous week. The international gasoline price fell by $3.7 to $88.7 per barrel compared to last week.

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