Gasoline and diesel prices at nationwide pumps fell on Friday, the first day an expanded 37 percent fuel tax cut took effect.

According to oil price portal Opinet run by the Korea National Oil Corporation, the average price of gasoline dropped eleven-point-37 won from the previous day to two-thousand-133-point-53 won per liter as of 11 a.m. Friday.

The average price of diesel also dipped seven-point-38 won to two-thousand-160-point-28 won per liter.

An increase in fuel tax cuts from 30 to 37 percent will lower gas prices by 57 won and diesel by 38 won per liter.

But it will take time for discounts to fully reflect on market prices as it usually takes about two weeks for oil products to reach gas stations while taxes are imposed as they leave oil refineries.

Consumers will be able to see a faster decline in prices, if  refineries make the effort to narrow the gap by managing inventory and close coordination with filling stations.