South Korea's import prices fell at the fastest pace in nearly four years in November due to a drop in crude oil prices.

According to the data by the Bank of Korea on Thursday, the import price index plunged by four-point-six percent to 87-point-96 last month from the previous month. 

It marks the first drop since August and the largest decline since January 2015, when it shrank seven-and-a-half percent. 

The drop is mainly attributed to a fall in international oil prices, as the average price of Dubai crude, South Korea's benchmark, slipped 17-point-four percent on-month to 65-point-56 dollars per barrel last month.