Ahead of the second announcement of the oil price ceiling on the 27th, the average gasoline price at gas stations nationwide turned upward.
According to the Oil Price Information System Opinet on the 26th, as of 9 a.m. that day the average gasoline price at gas stations nationwide was 1,819.1 won per liter (L), up 0.1 won from the previous day. At the same time, the diesel price was 1,815.1 won, down 0.1 won.
Seoul, which has the highest fuel prices in the country, turned upward. The average gasoline price in Seoul was 1,847.6 won per L, up 0.3 won from the previous day. The average diesel price in Seoul rose 0.4 won to 1,836.2 won.
Gasoline prices nationwide continued to rise after the outbreak of the U.S.-Iran war, hit a peak on the 10th, and had been declining. Then, as of the previous day, the 25th, which was the 15th day, they turned upward.
The government implemented the oil price ceiling on the 13th and is set to issue the second notice on the 27th. Considering that changes in international oil prices are usually reflected in domestic gas station prices with a lag of about two to three weeks, the second oil price ceiling is expected to be higher than the first.
On the 25th (local time), the May Brent crude futures settled at $102.22 per barrel, down 2.2% from the previous session, and the May West Texas Intermediate (WTI) futures also settled at $90.32 per barrel, down 2.2%.