[Anchor]

Joining us for Monday's Friendly Economy is reporter Han Jiyeon. Han, I see that gas prices have dropped significantly.

[Reporter]

Gas prices, which had been in the 2,000 won range for over two months, have returned to the 1,900 won range. This appears to be the result of stabilizing international oil prices and a reduction in the government's price cap on fuel.

I have been monitoring Opinet since yesterday morning, June 28, and the prices have continued to fall as the day progressed. As of 7:30 p.m. yesterday, the national average price for gasoline at gas stations was 1,986.5 won per liter. This is a drop of more than 9.6 won from the previous day, marking the second consecutive day the price has remained below 2,000 won.

It has been about two months since April 18 that gasoline prices have fallen back into the 1,900 won range. Diesel prices also dropped by more than 9.9 won from the previous day to 1,977.2 won per liter, and have remained in the 1,900 won range since falling below 2,000 won on June 24.

This decline in fuel prices is attributed to the rapid stabilization of international oil prices combined with the government lowering its fuel price caps. Starting June 27, the government lowered the price caps by 150 won each for gasoline to 1,784 won, diesel to 1,773 won, and kerosene to 1,380 won per liter. This is the first time the government has lowered these caps since the policy was implemented 106 days ago.

International oil prices have also fallen rapidly. The price of Dubai crude, which South Korea primarily imports, plummeted by over 34% in one month, from 98 dollars per barrel on May 26 to 64.4 dollars on June 25. This is even lower than the 70 dollars per barrel price seen just before the conflict between the U.S., Israel, and Iran began in earnest.

[Anchor]

It seems like the conflict might be winding down, but it still feels a bit unstable. Can we expect prices to keep falling?

[Reporter]

If the current trend of international oil price stabilization continues, gas prices are expected to decline gradually over the next two to three weeks. However, a drop in international oil prices does not immediately translate to lower prices at the pump. Gas stations must first sell off inventory purchased at higher prices, so there is usually a time lag of about two to three weeks before changes are reflected in actual retail prices. Also, the timing and extent of price cuts may vary slightly depending on each station's inventory situation.

The industry expects prices to gradually fall by about 50 won per week over the next two to three weeks. Therefore, rather than rushing to fill up your tank right now, it would be fine to wait a little longer.

However, it is considered unlikely that domestic fuel prices will return to pre-war levels—for reference, gasoline was around 1,691 won in the fourth week of February, just before the war. This is because while the price of crude oil has fallen below pre-war levels, the international price of gasoline, which is refined from crude oil, remains higher than it was before the war.

In fact, the international gasoline price for the fourth week of June was 100.6 dollars per barrel, which is 27.7% higher than the 78.8 dollars seen in the fourth week of February, just before the war. On top of this, factors such as the rising exchange rate, taxes, and distribution costs also play a role.

[Anchor]

Lastly, it seems like the refund policy for Kakao gift certificates is changing?

[Reporter]

Kakao is changing its refund policy for mobile gift certificates starting in August. If you request a refund for a gift certificate worth more than 50,000 won after its expiration date, the refund rate will increase from the current 90% to 95%.

Until now, regardless of the certificate's value, consumers received 90% of the purchase price in cash after the expiration date. The remaining 10% was deducted as a fee for platform operation or refund processing, which has been a continuous source of consumer complaints.

Under the new terms, the 90% refund rate will be maintained for mobile gift certificates worth 50,000 won or less, but for high-value gift certificates exceeding 50,000 won, the refund rate will be raised to 95%. This means that even if you receive high-value items like home appliances, hotel vouchers, or luxury brand gift cards as gifts, you will be able to get a refund with a lower fee burden than before after the expiration date.

Additionally, if you choose to receive a refund in Kakao Shopping Points instead of cash, you will be able to receive the full purchase amount in points without any fees deducted.

Another change concerns notifications regarding the statute of limitations. Under current law, the rights to mobile gift certificates and points expire after five years. Moving forward, the company will be required to notify users of the remaining balance and the fact that it is about to expire before the statute of limitations ends, so that users do not miss it.