Gasoline prices have fallen to the one-thousand-500-won per liter range for the first time in about 18 months.

According to the oil price portal Opinet run by the Korea National Oil Corporation, the average price of gasoline at pumping stations nationwide stood at one-thousand-593-point-82 won per liter as of 5 p.m. Friday.

The figure fell below one-thouand-600 won per liter for the first time since June 28 of last year, when it marked one-thousand-598-point-52 won.

The fall comes amid sharp drops in global oil prices, which slipped to 70 dollars per barrel recently after soaring to 130 dollars in March.

The nation’s gasoline prices surged beyond two-thousand won per liter in March and hit two-thousand-144-point-90 won on June 30, but have since declined steadily.

Meanwhile, the price of diesel remains high at one-thousand-827-point-14 won per liter as of Friday, which represents a rise of 26-point-seven percent from January 1.