On the 17th, the fifth day since the petroleum price cap took effect, the nationwide average price of fuel at gas stations continued to fall. Also, as the drop in diesel prices grew larger than that of gasoline, the price inversion between diesel and gasoline kept disappearing, as it did the previous day.
According to Opinet, the oil price information system of Korea National Oil Corporation (KNOC), as of 9 a.m. the nationwide average gasoline price at gas stations stood at 1,829.58 won per liter (L), down 3.12 won from 2 a.m., the previous posting time. Diesel was 1,827.74 won, down 4.06 won over the same period, falling more than gasoline.
Diesel and gasoline prices in Seoul, where fuel is the most expensive in the country, also fell. The average gasoline price in Seoul was 1,854.69 won, down 4.4 won from 2 a.m. The average diesel retail price in Seoul was 1,844.27 won, down 3.38 won from 2 a.m.
Since the 13th, when the price cap took effect, gasoline and diesel prices have been declining. The average gasoline retail price 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, 1,840.09 won on the 15th, and 1,832.70 won on the 16th. The average diesel retail price also went from 1,918.97 won on the 12th to 1,872.67 won on the 13th, 1,847.91 won on the 14th, 1,841.17 won on the 15th, and 1,831.80 won on the 16th.
In particular, since the price cap took effect, the drop in diesel prices has been larger than the drop in gasoline prices. On the 13th, the first day of the price cap, gasoline fell 34.71 won, while diesel fell more, by 46.3 won. On the 14th, gasoline also fell 18.76 won from the previous day, while diesel fell 24.76 won. On the 15th, gasoline and diesel fell 5.22 won and 6.74 won, respectively, and on the 16th, the drop in diesel (9.37 won) was larger than gasoline (7.39 won).