The price of gasoline has continued to decline for the past seven weeks, but the fall has dropped sharply.

According to the Korea National Oil Corporation (KNOC) oil information service operator Oct. 20, the price of regular gasoline at the nation's weekly gas stations in the third week of this month was KRW 1,491.4 per liter.

In the fourth week of last month, the price fell to 11.3 won per liter, 5.5 won the first week and 4.6 won last week.

It is calmed down by 30 won more than the first week of May (1,460.0 won per liter) just before the reduction of the fuel tax cut.

Gasoline prices in Seoul are 1,584.9 won per liter, same as last week.

Daegu, the lowest price region, has dropped by 1.0 won from the previous week to 1,461.0 won per liter.

The price of gasoline for the nation's gas stations also fell by 1.5 won per liter from 1,351.7 won per liter and the sales price of car butane for liquefied petroleum gas (LPG) was also 795.7 won per liter, 1.1 won lower than the previous week .

An official at the Korea National Oil Corporation said, "The increase in US petroleum product inventory and the decline in US crude oil production combined with the rise and fall of the US dollar stabilized the international oil prices."