3 out of 10 Gas Stations Raised Fuel Prices on the First Day of Fuel Tax Increase

S-Oil, Highest Proportion of Stations with Price Increases

With the reduction in the scale of the fuel tax cut, gasoline and diesel prices have slightly increased, and it was found that more than 3 out of 10 gas stations nationwide raised fuel prices immediately.

On the 1st, a citizen refuels at a gas station in Seodaemun-gu, Seoul, where the government decided to reduce the fuel tax cut rate. From this day until August 31, the fuel tax cut rate for gasoline will be reduced from the existing 25% to 20%, and the cut rate for diesel will be reduced from 37% to 30%. Accordingly, the fuel tax on gasoline will increase by 41 won from 615 won to 656 won per liter, and the fuel tax on diesel will also increase by 38 won from 369 won to 407 won. Photo by Jo Yongjun jun21@

According to the Energy and Oil Market Monitoring Group on the 2nd, on the first day of the fuel tax increase, the 1st, the nationwide gasoline and diesel prices rose by 8.29 KRW and 8.9 KRW per liter, respectively, compared to the previous day. On that day, gas stations that raised gasoline prices accounted for 32.4% of all gas stations, totaling 3,455 locations, and those that raised diesel prices were 3,625 stations, accounting for 33.99% of the total.

From that day, the government reduced the fuel tax cut rates from 25% to 20% for gasoline, from 37% to 30% for diesel, and from 37% to 30% for LPG, resulting in price increase factors of about 41 KRW per liter for gasoline, about 38 KRW for diesel, and about 12 KRW for LPG.

By brand, the gas stations that raised gasoline prices the most were S-OIL, with 35.52% of all gas stations increasing prices. The proportion of gas stations that raised diesel prices was also highest at S-OIL, at 40.89%.

The gas stations with the fewest price increases were Altteul gas stations. Altteul gas stations that raised gasoline and diesel prices accounted for only 16.28% and 9.04% of the total, respectively.

An official from the Energy and Oil Market Monitoring Group said, "On the first day of the fuel tax increase, many gas stations would still have inventory before depletion, and the rise in international oil prices during the day would not yet be reflected, so it is desirable that only some direct-operated and privately owned gas stations raise prices."