3rd Week of Fuel Tax Reduction, Nationwide Gasoline Prices Drop... National Average 1,677.7 Won

International Oil Prices Fall Due to Omicron Impact
Global Gasoline Drops to $88.7

On the 12th, when the government's temporary 20% fuel tax reduction for six months began, fuel price information was displayed at a directly operated gas station in downtown Seoul. The photo on the left shows the fuel price information at the same gas station on the 11th. Photo by Mo Honam munonam@

[Asia Economy Reporter Hwang Yoon-joo] Gasoline prices at gas stations have also recorded a decline for the third consecutive week due to the reduction in fuel tax.

According to the Korea National Oil Corporation's oil price information service Opinet on the 4th, the nationwide gasoline retail price in the first week of February fell by 9.8 won from the previous week to 1,677.7 won per liter, marking a decline for three consecutive weeks.

By region, the highest price was recorded in Jeju, where gasoline dropped by 0.8 won from the previous week to 1,739.5 won per liter. The lowest price was in Busan, where gasoline fell by 15.2 won from the previous week to 1,641.2 won per liter. Until now, Seoul had the highest gasoline prices, but due to high demand for petroleum products in Seoul, stocks were quickly depleted, reflecting a 96% reduction. However, the nationwide reduction, which varies by regional consumption, was reflected at about 83%.

By brand, the average gasoline price at Altteul gas stations was the lowest at 1,646.8 won per liter. SK Energy gas stations had the highest gasoline price at 1,686.9 won per liter.

The average diesel retail price also fell by 8.7 won from the previous week to 1,503.2 won per liter. Diesel prices at gas stations nationwide also dropped by 8.7 won from the previous week to 1,503.2 won per liter.

International oil prices sharply declined this week due to the impact of the Omicron wave and other factors. The average price of Dubai crude oil, the benchmark for imported crude oil into Korea, fell by 7.7 dollars from the previous week to 71.8 dollars per barrel. International gasoline prices also dropped by 8.4 dollars to 88.7 dollars per barrel.