Record low falls among global oil benchmarks have cut import prices for South Korean firms.
 
A Bank of Korea (BOK) report said Monday that the import price index for January was 75-point-16, one-point-three percent lower than a month before. This marks the seventh consecutive monthly fall in the index.
 
The index was also the lowest since October 2007 when it was 74-point-86.
 
BOK officials said the fall was largely due to drops in Dubai crude oil prices which averaged 26-point-86 U.S. dollars a barrel last month, a 23-point-one percent fall from December when it was around 34-point-92 dollars.