Local gas prices edged down this week as fuel taxes were cut last Friday, effectively ending an eight-week rising trend.

According to oil price information portal Opinet run by the Korea National Oil Corporation, the average price of gasoline at the pump nationwide fell 90-point-four won to one-thousand-716-point-six won per liter in the third week of November. 

Meanwhile, global oil prices have also dropped, down by more than three dollars to 92 dollars 40 cents a barrel. Dubai crude, South Korea's benchmark, fell a dollar-70 to 80 dollars 60 cents a barrel this week.

The National Oil Corporation attributed the decline to a number of factors including the strong U.S. dollar, the International Energy Agency's supply outlook, the resurgence of COVID-19 and U.S. and China talks on releasing oil reserves.