Gasoline prices at gas stations across the country turned downwards this week in line with the government’s expanded measures to cut fuel taxes.
According to the Korea National Oil Corporation oil price information service Opinet on the 7th, the average selling price of gasoline at gas stations nationwide in the first week of May was recorded at 190.7 won per liter, down 27.5 won from the previous week.
By brand, SK Energy gas station was the most expensive with an average of 1,953.1 won per liter, and thrifty gas station was the cheapest with 1,883.4 won per liter.
The national average diesel price this week also recorded 1906.9 won, down 0.8 won from the previous week.
The reason gasoline and diesel prices have turned to a downward trend is because the government’s expanded measures to cut fuel taxes were implemented from the 1st of this month. As the fuel tax cut applied to petroleum products expanded from 20% to 30%, additional cuts were made for gasoline by 83 won per liter and diesel by 58 won per liter.
International oil prices this week are rising due to the European Union (EU) discussing a plan to embargo Russian oil, and the Organization of Petroleum Exporting Countries (OPEC) and OPEC Plus (OPEC ), which has gathered to decide to maintain the scale of production increase.
