Gasoline prices at gas stations in Korea turned downward this week in line with the government's expanded measures to cut fuel taxes.
According to the Korea National Oil Corporation oil price information service Opinet, the average selling price of gasoline at gas stations nationwide in the first week of May was 1,940.7 won per liter, down 27.5 won from the previous week.
The average price of gasoline this week in Seoul, the highest price region, was 1988.0 won per liter, down 44.2 won from the previous week, and Daegu, the lowest price region, showed 1,912.4 won, down 35.1 won from the previous week.
The national average diesel price this week also recorded 1,906.9 won, down 0.8 won from the previous week.
The government has implemented measures to expand fuel tax cuts from the 1st of this month.
As the fuel tax cut applied to petroleum products expanded from 20% to 30%, additional cuts were made for gasoline by 83 won per liter and diesel by 58 won per liter.
There is a time lag of about two weeks before the fuel tax cut is reflected in the actual gas station sales price.
However, it is expected that it will take some time for the effect of the additional fuel tax cut to take effect as general self-employed gas stations, which account for most of the gas stations, are expected to reduce their prices after exhausting all of the stock they received before the additional fuel tax cut.
(Photo = Yonhap News)