Despite Rising International Oil Prices, Gasoline Prices at Gas Stations Fall for 4 Consecutive Weeks Due to Fuel Tax Reduction

Gasoline Price, National Average 1664.7 Won
Both International Oil and International Gasoline Prices Rise Compared to Last Week

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 Seoul city displayed the price of gasoline as 2,061 won per liter (ℓ), down 164 won. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Hwang Yoon-joo] Although international oil prices have risen slightly, gasoline prices at gas stations have been declining for four consecutive weeks due to the effect of the fuel tax reduction.

According to the Korea National Oil Corporation's oil price information service OPINET on the 11th, the nationwide gasoline retail price at gas stations in the second week of the 12th month recorded 1,664.7 KRW per liter, down 13.0 KRW from the previous week.

By region, the highest gasoline price in Seoul was 1,720.6 KRW per liter, down 13.6 KRW from the previous week. The lowest price region, Busan, recorded 1,626.8 KRW per liter, down 14.4 KRW from the previous week.

By brand, the average gasoline price at Altteul gas stations was the lowest at 1,637.8 KRW per liter. SK Energy gas stations had the highest gasoline price at 1,673.3 KRW per liter.

The average diesel retail price also fell by 13.4 KRW from the previous week to 1,489.8 KRW per liter.

International oil prices rose slightly. The average price of Dubai crude, the benchmark for crude oil imported into Korea, rose by 1.3 dollars from the previous week to 72.9 dollars. The international gasoline price, which serves as the basis for domestic gasoline retail prices, also rose by 3.9 dollars to 84.3 dollars.

The Korea National Oil Corporation explained, "This week, international oil prices rose due to factors such as a decrease in U.S. crude oil inventories and the easing of concerns over the Omicron variant."

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