On the 7th, gasoline prices at Seoul gas stations neared 2,000 won amid Middle East tensions. However, the pace of increase was smaller than the previous day. It appears to reflect the government's warning that it would respond firmly to actions such as price collusion that spur oil price rises.
According to Opinet, the oil price information system of the Korea National Oil Corporation (KNOC), as of 9 a.m. the nationwide average gasoline price at gas stations was 1,881.28 won per liter (ℓ), up 9.46 won from the previous day. Diesel rose 12.10 won to 1,899.43 won, nearing 1,900 won.
In Seoul, both gasoline and diesel entered the mid-1,900 won range. The average gasoline price in Seoul was 1,938.04 won, up 7.76 won from the previous day, and diesel was 1,958 won, up 4.38 won.
However, the scale of the oil price increase shrank noticeably from the previous day. At the same time the previous day, gasoline rose 22 won nationwide and 27.5 won in Seoul, but today the increases were all in single digits. Diesel rose 33.4 won nationwide and 38.9 won in Seoul at the same time the previous day, but today it was in the 4-won range in Seoul and the 12-won range nationwide.
On a weekly basis, the rise in gas station fuel prices continued for a third week. In the first week of Mar. (1–5), the nationwide average gasoline price at gas stations was 1,746.5 won, up 55.3 won from the previous week, and diesel was 1,680.4 won, up 86.3 won.
Since the recent U.S. strike on Iran, Iran has moved to block the Strait of Hormuz, sending international oil prices and domestic gas station fuel prices soaring. Dubai crude, the benchmark for imported crude prices, was $86.1, up $15.6 from the previous week, and the international gasoline price was $98, up $19.1. Changes in international oil prices are typically reflected in domestic gas station prices with a lag of about two to three weeks.