The average price of gasoline before the "reduction of the tax on oil"

Domestic prices for gasoline and light fuel oil continued to rise for the 17th week in a row and the price of gasoline and diesel fuel changed again.

The average price of gasoline sold in gas stations nationwide for the fourth week of this month rose by 3.5 won per liter compared with the previous week, reaching 1 689.7 won, according to the Korea National Oil Corporation.

Since the price has risen by about 10 won per liter in recent weeks, the price has slowed somewhat, but it has soared to its highest price in almost three years and 10 months since December 2014, reaching the threshold of 1,700 won.

Automotive diesel also sold 4.25 won to 1,494.6 won in one week, or nearly 1,500 won.

However, the government has decided to temporarily reduce oil prices for a period of six months starting June 6. International oil prices also tend to fall and the "rise" in gasoline and light oil prices will soon be halted.

"Oil prices have fallen due to the rise in US crude oil stocks and shrinking investment climate," said the Korea National Oil Corporation. "However, this decline was limited because of the plans of the Chinese state oil companies to stop importing Iranian oil."

"The price of domestic products is expected to show a stable trend due to the fall in international oil prices and the announcement of the reduction of the oil tax by the government".

Dubai's oil, mainly imported by Korea, registered $ 76.5, down $ 2.5 from the previous week.

(Photo: Yonhap News)