Domestic gasoline and diesel prices have dropped for the eighth straight week due to the government's fuel tax cut and falling global oil costs.

The price of gasoline has dipped below 14-hundred won and diesel 13-hundred won per liter.

According to Opinet, a Web site on oil price information run by the Korea National Oil Corporation(KNOC), the average price of regular gasoline sold at filling stations nationwide fell about 29 won to one-thousand-397-point-four won per liter in the fourth week of December, the lowest in two years since late 2016. 

Compared to October, when it hovered above one-thousand-681 won, the average gas price has gone down nearly 284 won per liter.

Also, the price of diesel for automotive fuel dropped 26-point-four won to one-thousand-294 won per liter this week.

The KNOC predicts the downward will continue amid effects of the fuel tax cut as well as lower global oil prices caused by the U.S. rate hike and expanded private sector crude exports from Iran.