Domestic Gasoline Prices Decline... Over 60% of Gas Stations Below 2000 Won

Average Gasoline Selling Price Drops 67.6 Won This Week... Diesel Also Down 50.8 Won

The fuel price surge has stopped after 9 weeks as the fuel tax cut was expanded to 37%. According to Opinet, the oil price information service of the Korea National Oil Corporation, the average gasoline price at gas stations nationwide in the first week of July was 2,116.8 KRW per liter, down 20.9 KRW from the previous week. On the 10th, a gas station in Seoul was selling gasoline at 2,079 KRW and diesel at 2,109 KRW per liter. Photo by Moon Honam munonam@

[Asia Economy Sejong=Reporter Kwon Haeyoung] From this month, the fuel tax reduction rate has been expanded to the legal maximum limit of 37%, and with the decline in international oil prices, gasoline and diesel prices nationwide have been falling for three consecutive weeks. The proportion of gas stations where the gasoline selling price is below 2,000 won per liter (ℓ) has also exceeded 60%.

According to Opinet on the 23rd, the average selling price of gasoline at gas stations nationwide in the third week of July (17th-21st) was 2,013.1 won per liter, down 67.6 won from the previous week.

Domestic gasoline prices had risen for eight consecutive weeks starting from the first week of May, but have fallen for three consecutive weeks this month due to the expanded fuel tax reduction (from 30% to 37%) and the decline in international petroleum product prices. Accordingly, gasoline prices dropped to the 1,900 won range for the first time in about two months, recording 1,989.93 won on the 21st.

The average selling price of diesel at gas stations nationwide also fell by 50.8 won from the previous week to 2,072.5 won per liter. Diesel prices recorded 2,055.28 won on the 21st. Compared to June 30, just before the additional fuel tax cut, gasoline prices have dropped by 154.97 won and diesel prices by 112.38 won.

Accordingly, the proportion of gas stations where the gasoline selling price is below 2,000 won per liter increased from 0.02% at the end of June to 61.3% as of the 20th of this month.

The government plans to continue efforts to stabilize prices and enhance the tangible effects of the fuel tax reduction by strengthening on-site inspections and other measures to stabilize people’s livelihoods.

Bang Gi-seon, First Vice Minister of Strategy and Finance, stated, "Oil prices have fallen by more than 150 won from this year’s peak, entering the 1,900 won range for the first time in two months in real-time average prices. We will do our best to ensure that the effects of the international oil price decline and the fuel tax reduction are delivered to consumers more quickly through biweekly nationwide inspections led by the joint petroleum market inspection team of related ministries and petroleum market inspection meetings with refiners."

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