Gas prices are rising for the third week in a row...The effect of reducing the oil tax reduction rate

[Anchor]
Gas station oil prices, including gasoline and diesel, have risen together for three consecutive weeks.

In particular, the rise has been sharper as the oil tax cut rate has been reduced since this month.

I'll connect you with reporters for more information. Reporter Ryu Hwan Hong!

How much has the price of gas gone up?

[Reporter]
It went up more than 4 won in a day.

As of November 1, yesterday, the average price of gasoline at gas stations nationwide was 1,605.74 won per liter, up 4.16 won from October 31, the previous day.

The increase is the biggest in four months since July 4 when it was 5.53 won.

Compared to the fact that most of last month's daily gains were less than 1 won, it is soaring.

As of yesterday, the average price of diesel also increased by 4.06 won from the previous day to 1,434.33 won.

This is also the largest increase since 4.11 won on July 5.

This seems to be due to the reduced application of the oil tax reduction rate from this month.

On the 23rd of last month, the government extended the oil tax cut until December 31, but lowered the cut rate.

We lowered it from 20% to 15% for gasoline and from 30% to 23% for diesel and LPG.

Gasoline, diesel, and LPG prices have risen since this month as the oil tax cut rate has been reduced.

The rise in gas prices was also noticeable on a weekly basis.

The average weekly price of gasoline and diesel has risen together for three consecutive weeks.

This week's average gasoline price rose 7.1 won from last week to 1,600.2 won per liter.

After falling to 1,500 won in the first week of October, it entered the 1,600 won range in four weeks.

The average selling price of diesel was up 6.4 won to 1,428.7 won per liter.

An official from the Korea National Oil Association said oil prices are likely to rise next week due to the impact of reducing the oil tax cut rate.

Fortunately, the rise in international oil prices showed a slow trend.

WTI for December delivery and West Texas Intermediate crude rose 0.33% to settle at $69.49 a barrel on the New York Mercantile Exchange.

Brent crude for January delivery rose 0.4% to close at $73.1 a barrel on the London International Oil Exchange.

It appears to be the impact of some easing of geopolitical risks after Israel's limited retaliation against Iran.

So far, I'm YTN Ryu Hwan Hong from the Ministry of Economy.