Gasoline prices have slipped below two-thousand won per liter for the first time in some two months amid a downward trend in global oil prices and 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 three-point-33 won to one-thousand-998-point-83 won per liter as of 8 a.m. Thursday.

The nation’s gasoline prices surged beyond two-thousand won per liter for the first time in roughly nine-and-a-half years on March 15 in the wake of Russia’s invasion of Ukraine.

Gas prices continued to rise ever since but dropped below two-thousand won thanks to the 37 percent fuel tax cut introduced this month and a downward trend in global oil prices.