The domestic liquefied petroleum gas (LPG) industry will raise propane gas prices in December. This comes after maintaining a freeze since last September, marking the first increase in four months.
On the 12th, when the government's temporary 20% fuel tax reduction for six months began, a gas station in downtown Seoul was quiet. According to government authorities, from this day, the fuel tax on gasoline was reduced from 820 won per liter (ℓ) to 656 won, diesel from 582 won to 466 won, and LPG butane from 204 won to 164 won. It is expected to take about 1 to 2 weeks for the fuel tax reduction to be reflected in consumer prices. Photo by Moon Honam munonam@
Following the government's reduction in the fuel tax cut rate, the price of butane, which was raised in November, continued to rise for the second consecutive month.
According to the industry on the 31st, SK Gas set the December propane price at 1,349.81 KRW per kg, an increase of 50 KRW compared to the previous month.
The price of butane was decided at 970.44 KRW per liter, up 29.2 KRW from the previous month.
E1 also set the December prices for residential, commercial, and industrial propane at 1,350.25 KRW and 1,356.85 KRW per kg respectively, both 50 KRW higher than the previous month.
Butane was set at 971.02 KRW per liter, up 29.19 KRW from the previous month.
E1 stated, "Considering the rise in international LPG prices, exchange rates, and accumulated unreflected price factors, we have decided to increase the domestic LPG supply price in December."
Previously, SK Gas and E1 froze domestic LPG supply prices for eight months starting from December last year, slightly raised them in August, and have maintained a freeze since September.
Starting with butane this month, the price trend has turned upward for propane as well from December.
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