Gasoline Prices Keep Rising Ahead of Fuel Tax Cut

  • By Ahn Joon-ho

    November 08, 2021 13:47

    A man fills up his car at a gas station in Seoul on Sunday.

    The average price of gasoline has surpassed W1,800 per liter for the first time in seven years as the government prepares to cut fuel tax by 20 percent on Friday (US$1=W1,185).

    According to the Korea National Oil Corporation, the average price of gasoline at the pump reached W1,802.2 per liter as of Sunday, the highest since September 2014.

    The further rise came less than a month it soared to above W1,700 on Oct. 15.

    But the price of gasoline will drop by W164 per liter when the tax cut kicks in, while diesel prices will drop by W116.

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