The average selling price of gasoline at domestic gas stations rose for two weeks in a row due to the reduction in oil tax cuts.
According to Korea National Oil Corporation's oil price information system Opinet, the average selling price of gasoline at gas stations nationwide in the second week of January was 1,562.0 won per liter, up 8.5 won from the previous week.
This is the effect of reducing the reduction in fuel tax from 37% to 25% for gasoline purchases from January 1 this year.
Gasoline fuel tax rose by 99 won per liter from 516 won to 615 won.
The average price of gasoline this week in Seoul, the most expensive region in Korea, rose 9.8 won to 1,662.8 won, and Ulsan, the lowest price region, rose 5.6 won to 1,520.7 won.
By brand, GS Caltex Gas Station was the most expensive at 1,573.8 won per liter, and Thrifty Gas Station was the cheapest at 1,536.9 won.
The average selling price of diesel this week was 1,691.5 won per liter, down 26.6 won from the previous week.
Diesel sales prices have been on a downward trend for the 8th week on a weekly basis.
The average price of Dubai oil, which is the standard for imported crude oil, this week was $77.4 per barrel, the same as the previous week.