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Oil Prices Down After 19 Weeks of Gains Following Fuel Tax Cut

Write: 2018-11-10 12:44:17Update: 2018-11-10 13:23:43

Oil Prices Down After 19 Weeks of Gains Following Fuel Tax Cut

Domestic gasoline and diesel prices have dropped for the first time in 19 weeks following the government's fuel tax cut. 

Oil prices are expected to stabilize for the time being as the tax cut will continue to be reflected in prices at pumping stations while global oil costs have also gone down in recent days.

According to Opinet, a Web site on oil price information run by the Korea National Oil Corporation, the average price of regular gasoline sold at filling stations nationwide fell 29-point-seven won to one-thousand-660-point-four won per liter in the first week of November. 

Price gains that continued for 18 weeks since late June have ended and the price of gasoline has returned to similar levels recorded a month ago in early October.

The government lowered oil taxes levied on gasoline, diesel, liquefied petroleum gas(LPG) and butane by 15 percent beginning Tuesday. The temporary reduction will last for six months.

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