The price of diesel fell below one-thousand-700 won per liter for the first time in about ten months.
  
According to oil price portal Opinet run by the Korea National Oil Corporation on Monday, the average price of diesel sold at pumps nationwide marked one-thousand-699-point-8 won per liter as of 2 p.m., down two-point-68 won from the previous day.

It marks the first time the price fell to the 16-hundred won range since March 7 last year, when it posted one-thousand-665-point-13 won.

Diesel price has recently declined amid anticipations that an imminent global economic slowdown will pull down demand. 

The average price of gasoline rose by zero-point-41 won from a day ago to one-thousand-563-point-27 won per liter. 

Gasoline prices are on the rise since the fuel tax cut for gasoline consumption was reduced from 37 percent to 25, while the government maintains the 37 percent discount for diesel. 

The gap between gasoline and diesel prices, which rose above 230 won early last month, has narrowed to 130 won.