Gas prices skyrocket due to a reduction in the oil tax cut rate...Gasoline is 1605 won.

Oil tax cut rate, gasoline 20 → 15%, diesel and LPG 30 → 23%
"It is expected to rise next week due to the impact of reducing oil tax cut rate."
International oil prices, WTI 0.33% ↑·Brent oil 0.4% ↑

[Anchor]
On the first day when the oil tax cut rate was reduced, gas prices at gas stations soared by more than 4 won in a day.

The weekly average price has also been on the rise for three consecutive weeks, and I'm worried that the wrinkles in the working-class economy will deepen.

Reporter Ryu Hwan-hong reports.

[Reporter]
As the government implemented a reduction in the oil tax rate starting this month, the price of gas jumped at once, which increased concerns not only for drivers but also for gas stations.

[Yoo Jun-sik / Sangam-dong, Seoul: It's very difficult for us, too. Due to the rise in various gas taxes. I can't live without a car these days, so it's very burdensome to live with a car.]

[Lim Yeon-ho / GS Caltex Air and Marine Gas Authority: Increasingly higher fuel taxes will reduce the activity of ordinary people and reduce the economy of ordinary people, so the impact will also be on the operating profit of gas stations]

According to the Korea National Oil Corporation's oil price information system Opinet, both gasoline and gas surged more than 4 won from a day earlier as of the 1st of this month.

It is the first time in four months that gas prices have jumped by more than 4 won in a single day since early July.

Prices rose that much as the oil tax cut rate was reduced from 20% to 15% for gasoline and from 30% to 23% for diesel and LPG.

The weekly average also showed three weeks of gains for both gasoline and diesel.

After falling to 1,500 won in the first week of last month, the weekly average price of gasoline again entered the 1,600 won range in four weeks.

The problem is that the rise in gas prices is likely to continue in the future.

An official from the Korea National Oil Association predicted that oil prices will rise in the aftermath of a reduction in the oil tax rate.

Fortunately, the rise in international oil prices is showing a slowing trend.

As of the 1st, WTI and West Texas Intermediate for December delivery rose 0.33% to settle at $69.49 per 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.

This is because geopolitical risks have been somewhat mitigated after Israel's limited retaliation against Iran.

I'm YTN's Ryu Hwan Hong.