Gasoline prices at Seoul gas stations have been transacting at 2,000 won or more per liter for two straight days. Although international oil prices are falling as the United States and Iran effectively agreed to a two-week cease-fire, it appears to be due to petroleum product inventories taken in under the second price ceiling, which went into effect on the 27th of last month, not yet being depleted. The third price ceiling will take effect on the 10th.
According to Opinet, the oil price information system of the Korea National Oil Corporation (KNOC), as of 9 a.m. on the 8th, the average gasoline price in Seoul was 2,010.88 won per liter. It rose 10.61 won per liter from the same time the previous day (2,000.27 won). However, the nationwide average gasoline price was tallied at 1,974.68 won, below 2,000 won.
However, diesel prices in Seoul have not yet exceeded 2,000 won. As of 9 a.m., the average diesel price in Seoul was tallied at 1,991.25 won per liter. The nationwide average diesel price was 1,966.04 won per liter.
International oil prices are falling as the United States and Iran on the 7th, the 39th day of the war (local time), effectively agreed to a two-week cease-fire. Under the condition that Iran opens the Strait of Hormuz for two weeks, the United States agreed to halt attacks on Iran.
According to Investing.com, West Texas Intermediate (WTI) futures for May delivery were $97.30 per barrel as of 9:40 a.m. Korea time, plunging 15.67%. Brent crude was also trading at $95.18 per barrel, down 9.51%.
Meanwhile, President Donald Trump said on Truth Social at 6:32 p.m. local time on the 7th, "We agree to suspend bombing and attacks on Iran for two weeks on the condition that Iran agrees to a complete, immediate, and safe opening of the Strait of Hormuz." President Trump announced the cease-fire just 90 minutes before the deadline he had set for the talks expired.