'Fuel Tax Cut, Did Gas Prices Really Drop?'... Public-Private Joint Inspection Team Conducts On-Site Check

[Image source=Yonhap News]

[Sejong=Asia Economy Reporter Son Seon-hee] As the government implemented the largest-ever fuel tax reduction measure since mid-last month, an inspection team composed of government officials and civic groups visited gas stations on the 9th to check prices.

According to the Ministry of Economy and Finance and related ministries, the 'Public-Private Joint Fuel Tax Reduction Market Inspection Team' visited gas stations in three regions: Seoul, Gyeonggi, and Chungnam on that day. The inspection team consisted of officials from the Ministry of Trade, Industry and Energy, the Ministry of Economy and Finance, the Fair Trade Commission, relevant local government officials, the Korea Petroleum Management Service, and the civic group 'E Consumer,' which monitors the petroleum market.

To stabilize the cost of living for the public, the government reduced the fuel tax by 20% starting from the 12th of last month (164 KRW per liter for gasoline, 116 KRW per liter for diesel, and 40 KRW per liter for liquefied petroleum gas (LPG)). This on-site inspection aims to verify whether this tax reduction has been properly reflected in the actual sales prices at gas stations.

The inspection team visited each gas station to listen to difficulties related to the fuel tax reduction and urged active participation in lowering prices.

As of the 7th, the average nationwide gas station sales prices were 1,664.9 KRW per liter for gasoline and 1,490.0 KRW per liter for diesel. These prices are 145.3 KRW and 115.7 KRW lower, respectively, compared to before the fuel tax reduction was implemented.

The government stated, "If any unfair practices are detected during the on-site inspection of gas stations, the relevant agencies will be notified and corresponding administrative measures will be taken." It added, "In the future, if there are any acts that disrupt the market by not reflecting the fuel tax reduction amount in sales prices due to collusion or other unfair practices, strict measures will be taken."

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