Gasoline sales prices at gas stations in Korea fell slightly this week.
According to the Korea National Oil Corporation's oil price information system Opinet, the average selling price of gasoline at gas stations nationwide in the third week of January (15-19) was 1,560.2 won per L (liter), down 1.8 won from the previous week.
Gasoline prices, which had risen for two consecutive weeks until last week, turned to a downward trend in three weeks.
This is the effect of reducing the oil tax cut from 37% to 25% when purchasing gasoline from January 1 of this year.
As a result, the gasoline fuel tax rose by nearly 100 won per liter from 516 won to 615 won.
The average price of gasoline this week in Jeju, the most expensive region in Korea, was 1,652.0 won, and in Ulsan, the lowest price region, was 1,522.7 won.
The average selling price of diesel this week was 1,662.6 won per liter, down 29.0 won from the previous week.
Diesel sales prices have been falling for the ninth consecutive week.
For diesel, the existing 37% oil tax cut, the largest ever, was maintained.
International oil prices rose this week on the back of a depreciating dollar and expectations of rising Chinese oil demand.
The average price of Dubai oil, which is the standard for imported crude oil, this week was $82.4 per barrel, up $4.3 from the previous week.
The Korea Petroleum Association explained, "International gasoline and diesel prices have risen, and the increase in oil prices is greater than the decline in the won/dollar exchange rate, so sales prices may rise for about two weeks."