Gas prices at gas stations nationwide turned downward in the first week the oil price ceiling system was implemented.
According to Opinet, the oil price information system of Korea National Oil Corporation (KNOC), the nationwide average retail price of gasoline in the third week of March (the 15th to 19th) was 1,829.3 won. That was down 72.3 won per liter (L) from the previous week. The average retail price of diesel over the same period fell 96.5 won to 1,828 won. With this, the average prices of gasoline and diesel, which were in the 1,900-won range in the second week of March, both fell into the 1,800-won range.
Average retail prices for gasoline and diesel in Seoul, which has the highest fuel prices in the country, also went down. The average retail price of gasoline in Seoul in the third week of March was 1,876.4 won, down 85.4 won from the previous week. The average retail price of diesel in Seoul was 1,866.2 won, down 103.7 won from the previous week.
By brand, thrifty gas stations had the lowest average retail gasoline price in the third week of March at 1,807.5 won, the cheapest among all brands. Among the four refiners, HD Hyundai Oilbank had the lowest average retail gasoline price at 1,828.8 won, while SK Energy was the highest at 1,835.3 won.
By brand for diesel, thrifty gas stations were the lowest at 1,807.5 won, and among the four refiners, HD Hyundai Oilbank was the lowest at 1,828.8 won, while SK Energy was the highest at 1,832.7 won.
The government began implementing the oil price ceiling system at midnight on the 13th. The ceiling price refers to the upper limit on prices that refiners charge gas stations. The government plans to announce the ceiling price every two weeks, taking into account changes in international oil prices. The government plans to announce the second ceiling price on the 27th.