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Gasoline, Diesel Prices Increase for 2nd Straight Week amid Reduced Fuel Tax Cuts

Written: 2024-07-06 16:04:52Updated: 2024-07-06 16:39:58

Gasoline, Diesel Prices Increase for 2nd Straight Week amid Reduced Fuel Tax Cuts

Photo : YONHAP News

Prices of gasoline and diesel have increased for the second consecutive week.

According to data from the Korea National Oil Corporation's(KNOC) price information system on Saturday, the national average price of gasoline this week stood at one-thousand-682 won per liter, or around one U.S. dollar and 22 cents, up 27 won per liter from the previous week.

The price per liter was the highest in Seoul at one-thousand-748 won, and the lowest in the southeastern city of Daegu at one-thousand-657 won.

The average price of diesel also rose for the second straight week to one-thousand-515 won per liter, up 29 won per liter on-week.

The increased prices reflect rising global oil prices, as well as the government's scaled-back fuel tax cut that took effect this week, lowering the tax reduction for gasoline from 25 to 20 percent and for diesel 37 to 30 percent.

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