Will Gas Prices Finally Drop... Entering the 1800 Won Range After 4 Months

Vehicles are lined up in a long queue to refuel at the Altteul Gas Station in Mannam Square Rest Area, Seocho-gu, Seoul. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Sejong=Reporter Son Seon-hee] Domestic gasoline prices have steadily fallen, entering the 1800 KRW per liter range for the first time in about four months. Since the 1st of this month, the fuel tax reduction rate has been expanded to the legal maximum (37%), and international oil prices have been declining, leading to expectations that this downward trend will continue for the time being.

According to the Korea National Oil Corporation's oil price information service OPINET on the 31st, the average selling price of gasoline per liter at gas stations nationwide was recorded at 1,897.27 KRW, down 3.17 KRW from the previous day. The gasoline price entering the 1800 KRW range is the first time since March 9 (1,892.4 KRW), about four months ago.

Domestic gasoline prices had risen for eight consecutive weeks from the first week of May but have been declining for four consecutive weeks this month due to the expanded fuel tax reduction (from 30% to 37%) and the downward trend in international petroleum products.

Diesel prices for automobiles also showed a decline, dropping 2.71 KRW from the previous day to 1,982.61 KRW, similar to gasoline.

Bang Gi-seon, First Vice Minister of the Ministry of Economy and Finance, presided over an emergency economic vice-ministerial meeting at the Export-Import Bank in Yeouido, Seoul, on the 29th, stating, "Although difficult price conditions persist, some positive signs are appearing," and added, "Due to the fuel tax reduction, the average selling price of gasoline at domestic gas stations fell to 1,915 KRW as of the previous day." He further predicted, "If the current price decline continues, it is expected that next week will see the entry into the 1800 KRW range for the first time since March 9."

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