Gasoline Prices at Gas Stations Drop for 6 Consecutive Weeks... Seoul Returns to 1,600 Won Range After 5 Months

On the 12th, when the government's six-month temporary 20% fuel tax reduction began, a gas station in downtown Seoul was quiet. According to government authorities, from this day, the fuel tax on gasoline was reduced from 820 won per liter (ℓ) to 656 won, diesel from 582 won to 466 won, and LPG butane from 204 won to 164 won. It is expected to take about 1 to 2 weeks for the fuel tax reduction to be reflected in consumer prices. Photo by Moon Honam munonam@

[Asia Economy Reporter Hwang Yoon-joo] Gasoline prices at gas stations nationwide have fallen for six consecutive weeks since the government's fuel tax reduction measure (November 12). Even in Seoul, the region with the highest gasoline prices in the country, prices have dropped to the 1,600 KRW per liter range for the first time in five months since the first week of July.

According to the Korea National Oil Corporation's oil price information site OPINET on the 25th, the gasoline retail price at gas stations nationwide in the fourth week of this month recorded 1,634.6 KRW per liter, down 14.3 KRW from the previous week.

The government's reduced fuel tax for gasoline is 164 KRW per liter, and six weeks later, the average domestic gasoline price has fallen by 172 KRW compared to before the tax cut. In addition to the effect of the fuel tax reduction, the recent decline in international oil prices has been reflected in domestic prices.

By region, the gasoline price in Seoul, the highest-priced area nationwide, fell by 8.1 KRW to 1,696.8 KRW per liter, while in Busan, the lowest-priced area, it dropped by 11.7 KRW to 1,602.4 KRW per liter.

By brand, SK Energy gas stations were the most expensive at 1,643.0 KRW per liter, while budget gas stations were the cheapest at 1,604.2 KRW per liter.

The nationwide diesel retail price at gas stations also fell by 16.3 KRW to 1,455.7 KRW per liter.

International oil prices have stopped rising over the past two weeks and have turned downward again. The average price of Dubai crude, the benchmark for domestic imported crude oil, fell by 1.6 dollars to 71.7 dollars per barrel. International gasoline prices were recorded at 85.2 dollars per barrel, down 1.2 dollars.

The Korea National Oil Corporation explained, "International oil prices are declining due to the spread of the new COVID-19 variant Omicron and the announcement of the U.S. strategic petroleum reserve release plan."

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