On the 16th, the fourth day since the oil price ceiling took effect, the nationwide average gas station fuel prices continued to fall. Also, the reversal in diesel and gasoline prices that began on the 6th, six days after the U.S. and Israel's invasion of Iran, disappeared.
According to Opinet, the oil price information system of Korea National Oil Corporation (KNOC), as of noon that day the nationwide average gasoline price at gas stations was 1,834.19 won per liter (L), down 5.9 won from 9 a.m. The diesel price was 1,833.74 won, also down 7.43 won.
Diesel and gasoline prices also fell in Seoul, the region with the most expensive fuel nationwide. The average gasoline price in Seoul was 1,859.86 won, down 4.9 won from 9 a.m. The average diesel price was 1,849.56 won, down 3.27 won.
Since the 13th, when the price ceiling took effect, gasoline and diesel prices have been declining. The average retail price of gasoline was 1,898.78 won on the 12th, but fell to 1,864.07 won on the 13th, 1,845.31 won on the 14th, and 1,840.09 won on the 15th. The average retail price of diesel was also 1,918.97 won on the 12th, then 1,872.67 won on the 13th, 1,847.91 won on the 14th, and 1,841.17 won on the 15th.
Above all, the average diesel price that day was recorded below the average gasoline price. From the 28th, when the Iran airstrike took place, to March 5, gasoline had been sold at higher prices than diesel. However, on the 6th, the average retail price of diesel (1,887.33 won) surpassed the gasoline retail price (1,871.82 won), leading to a price reversal through the 15th.