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.<br />The jump in prices came as the government began reducing its fuel tax cut on Tuesday.<br />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. <br />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. <br />Scrapped U.S. sanctions waivers on Iranian oil are expected to put upward pressure on oil prices this month. <br />
