While the price of gas at gas stations across the country fell for the third week in a row due to the effect of the fuel tax cut, the drop was slightly smaller than before.
According to the Korea National Oil Corporation, the price of gasoline sold at gas stations nationwide this week was 1,677.7 won per liter, down 9.8 won from last week.
Gasoline prices peaked at 1,807.0 won per liter in the second week of November, the highest in seven years, and then turned downward on the 12th of last month, when fuel tax cuts began.
The rate of decline in gasoline prices decreased from 90.4 won in the third week of November and 29.1 won in the fourth week of November to 9.8 won this week, the first week of the fuel tax cut.
The fuel tax cut by the government is 164 won per liter for gasoline, but the actual cut is 129.3 won 3 weeks after the fuel tax cut was implemented.
As the remaining cuts are reflected in the future, gasoline prices are expected to continue to decline.
By region, the price of gasoline in Jeju, the highest price region in the country, was 1,739.5 won per liter, down 0.8 won from the previous week, and Busan, the lowest price region, fell 15.2 won to 1,641.2 won/L.
The price of diesel at gas stations nationwide also fell by 8.7 won from the previous week to 1,503.2 won per liter.
International oil prices, a leading indicator of domestic oil prices, fell sharply this week due to the impact of the outbreak of Omicron, a new mutation of COVID-19.
The average price of Dubai crude, the standard for crude oil imported into Korea, was $71.8 per barrel, down $7.7 from last week.
International gasoline prices also fell by 8.4 dollars to 88.7 dollars per barrel.
(Photo = Yonhap News)