Average gasoline prices at the pump in South Korea have surpassed 15-hundred won or one dollar 30 cents a liter for the first time in five months.
The jump in prices came as the government began reducing its fuel tax cut on Tuesday.
The South Korean government is phasing out its fuel tax cuts from 15 percent to 7,... a move will last until the end of August.
The industry reports there will be a difference in the speed and degree of rise at each gas stations,... but it's inevitable prices will rise over the next two weeks.
Scrapped U.S. sanctions waivers on Iranian oil are expected to put upward pressure on oil prices this month.
