Local gasoline prices fell this week following the government's expanded fuel tax cut.

According to oil price portal Opinet run by the Korea National Oil Corporation, the average price of gasoline sold at pumps nationwide fell 27-point-five won to one-thousand-940-point-seven won per liter in the first week of May.  

The price of diesel also edged down zero-point-eight won to one-thousand-906-point-nine won per liter.

The reductions are attributed to fuel tax cuts expanded from 20 to 30 percent from May 1.

It typically takes about two weeks for tax reductions to affect actual pricing, but oil refineries implemented the change immediately at some of their gas stations nationwide in an effort to cooperate with government policy.

Meanwhile global oil prices went up this week amid discussions by the European Union to embargo Russian oil and a decision by OPEC+ to maintain the level of increase in production. 

Dubai Crude, which South Korea mainly imports, rose three dollars 60 cents to 105 dollars 70 cents per barrel this week. While, international gasoline prices on average jumped eleven dollars to reach 137 dollars a barrel.