Gas prices fall under 2,000 won for 1st time in nearly 2 months

The average gasoline price at Korea's gas stations again fell from a day earlier on Sunday after dropping under the 2,000-won ($1.3) mark for the first time in nearly two months the previous day, industry data showed. The average gasoline price came to 1,991.

1 won per liter as of 9 a.m., down 5 won from the previous day's average, according to the data from the Korea National Oil Corp.

(KNOC). It marked the second consecutive day for the average gas price to remain under 2,000 won, after it fell below the threshold for the first time in around two months. Prices of diesel fell to 1,982.

3 won per liter, the data showed. The drop in energy prices comes amid the government's decision to lower the price ceiling on fuel prices to reflect the recent decline in global crude prices. Under the adjustment, maximum prices for regular gasoline, diesel and kerosene supplied to gas stations by local oil refiners have been lowered by 150 won to 1,784 won, 1,773 won and 1,380 won per liter, respectively, starting Saturday.

Global oil prices are also on the decline, with Dubai Crude falling by 34.3 percent