Gasoline Prices Fall for 3 Consecutive Weeks... "Decline Expected to Continue for a While"

Average Nationwide Gas Station Price in the Third Week of July: 2013.1 KRW

The surge in fuel prices 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 retail price of gasoline 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 Reporter Oh Hyung-gil] Due to the expanded reduction in fuel tax and the decline in international oil prices, nationwide gasoline and diesel prices have fallen for three consecutive weeks.

According to Opinet, the oil price information service of the Korea National Oil Corporation, the average gasoline retail price at gas stations nationwide in the third week of July was 2,013.1 KRW per liter, down 67.6 KRW from the previous week.

Domestic gasoline prices had risen for eight consecutive weeks since 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 downward trend in international petroleum product prices.

The daily nationwide average gasoline price fell below 2,000 KRW for the first time in about two months, recording 1,989.93 KRW on the 21st. Compared to 2,144.9 KRW on the 30th of last month, just before the additional fuel tax cut, it dropped by 154.97 KRW.

The average gasoline price in Seoul was 2,066.9 KRW per liter, down 66.0 KRW from the previous week, while Daegu, the region with the lowest price, recorded 1,958.9 KRW, down 83.5 KRW.

Diesel prices also continued to decline. The average diesel price this week was 2,072.5 KRW, down 50.8 KRW from the previous week. As of the 21st, the nationwide average diesel price was 2,055.28 KRW, down 112.38 KRW compared to 2,167.66 KRW on the 30th of last month, just before the additional fuel tax cut.

Domestic gasoline and diesel prices are expected to continue their downward trend for the time being.

An official from the refining industry said, "As international oil prices have been declining recently due to concerns about an economic downturn, domestic petroleum product prices are expected to continue falling for the time being. However, if the exchange rate continues to rise, the effect of the tax cut could be offset."

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