Domestic gasoline and diesel prices have dropped for the third week following the government's fuel tax cut earlier this month.

According to Opinet, a Web site on oil price information run by the Korea National Oil Corporation, the average price of regular gasoline sold at filling stations nationwide fell 28-point-six won to one-thousand-546-point-five won per liter in the third week of November. 

The price has dropped by more than 143 won in three weeks, the lowest since the first week of January this year. 

The price of diesel has also dropped 16-point-seven won this week to one-thousand-402-point-five won, the lowest since late May. 

Even the cost of diesel for purposes other than automotive fuel, which does not benefit from the latest oil tax cut, fell for the first time in 21 weeks. 

The Korea National Oil Corporation said international oil prices have dropped due to factors such as an increase in the U.S. oil reserves and local prices will continue a downward track.