Fuel Prices Rise as Tax Breaks End
02 September, 2019
Fuel prices rose across the country on Sunday, a day after the government ended tax breaks.
In Seoul, which has the highest average price for gasoline, stations were charging over W1,600 per liter (US$1=W1,210).
According to the Korea National Oil Corporation, the average price of gasoline was W1,509.16 per liter on Sunday, up W12.48 from Saturday. The average gasoline price in Seoul was W1,615.55, up W20.
The average diesel price was W1,363.44, up 9.39 from Saturday.
The government lowered the fuel taxes by 15 percent from November last year to April this year to galvanize the economy and stabilize people's livelihoods.
It extended the tax incentives in April for another four months, but stable global fuel prices and fears over revenue shortfalls led the government to end the tax breaks.
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