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Gasoline Price Drops to Lowest in 16 Months

Written: 2018-12-15 12:57:24Updated: 2018-12-15 12:58:18

Gasoline Price Drops to Lowest in 16 Months

Photo : YONHAP News

Domestic gasoline and diesel prices dropped for the sixth week due to a fall in international oil prices. 

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-two won to one-thousand-451-point-seven won per liter in the second week of December.

This is the sixth consecutive week that the price has fallen, reaching the lowest point since the second week of August last year. 

The price of diesel also dropped 21 won this week to one-thousand-341-point-one won, the lowest since January. 

Even the cost of diesel for purposes other than automotive fuel, which does not benefit from the latest oil tax cut, fell for the fourth straight week. 

The Korea National Oil Corporation said that international oil prices have dropped due to factors such as increased production of oil among OPEC members, and that local prices will continue a downward track.

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