Nationwide Gasoline Prices Fall to 1,700 Won Range for the First Time in 5 Months... Diesel Also Drops to 1,800 Won Range

[Image source=Yonhap News]

[Asia Economy Reporter Yoo Byung-don] The nationwide gasoline price, which has been declining for six consecutive weeks, has fallen to the 1,700 KRW per liter (L) range for the first time in about five months.

According to the Korea National Oil Corporation's oil price information service Opinet, as of noon on the 13th, the nationwide average gasoline price was recorded at 1,798.8 KRW per liter, down 7.1 KRW from the previous day.

The nationwide gasoline price reaching the 1,700 KRW range is the first time since March 4 (1,786.0 KRW per liter), about five months ago.

Domestic gasoline prices have been declining for six consecutive weeks due to the expanded fuel tax reduction (from 30% to 37%) implemented on the 1st of last month and the downward trend in international petroleum product prices.

Compared to the all-time high recorded on June 30 (2,144.9 KRW per liter), gasoline prices have dropped by about 346.1 KRW.

Meanwhile, the nationwide average diesel price was 1,896.7 KRW per liter, down 6.2 KRW from the previous day.

The diesel price reaching the 1,800 KRW range is the first time since March 14 (1,892.4 KRW per liter), about five months ago.

Domestic gas station diesel sales prices have also been declining for six consecutive weeks since the 1st of last month. Compared to the all-time high recorded on June 30 (2,167.7 KRW per liter), diesel prices have dropped by about 271 KRW.

The refining industry expects that domestic gasoline and diesel prices will continue to decline until the end of this month, following the recent fall in international petroleum product prices.