In Seoul, the average gas price stood at 1,616 won a liter, 103 won more than in Daegu, the cheapest among 17 big cities and provinces nationwide. according to www.opinet.co.kr run by the Korea National Oil Corporation (KNOC).
The gasoline price fall comes as OPEC decided to maintain its collective output quota at 30 million barrels a day at its meeting on Nov. 27 last year in Vienna, Austria. OPEC stands for the Organization of Petroleum Exporting Countries.
Following the OPEC decision, the Dubai crude dropped below US$50 per barrel on Jan. 6 from $75 in late November. Dubai crude accounts for more than 80 percent of the country's petroleum imports.