The average diesel price at gas stations in Seoul has topped 2,000 won per liter, following gasoline. As pump prices at domestic gas stations rise day after day, the burden of high oil prices is growing.
According to Opinet, the oil price information system of Korea National Oil Corporation (KNOC), as of 9:30 a.m. on the 9th, the average gasoline price in Seoul was 2,017.75 won per liter, up 4.36 won from the previous day. The national average gasoline price also rose 4.01 won to 1,981.78 won.
Diesel prices in Seoul also surpassed 2,000 won. At the same time, the average diesel price in Seoul was 2,000.22 won per liter, up 5.52 won from the previous day. The national average diesel price was tallied at 1,973.93 won per liter.
International oil prices fell as the United States and Iran effectively agreed to a two-week cease-fire, but it appears the impact has not yet been reflected in refined product prices.
On the 8th (local time), Brent crude for June delivery on the London ICE Futures Exchange finished at $94.75 per Barrel, down $14.52 (13.29%) from the previous session. It was the largest one-day drop since March 2022.
On the New York Mercantile Exchange, West Texas Intermediate (WTI) for May delivery settled at $94.41, down $18.54 (16.41%). WTI also saw its biggest drop since April 2020 and hit its lowest level since Mar. 25.
The government plans to announce the third petroleum price cap at 7 p.m. the same day and apply it from midnight on the 10th. Previously, the second petroleum price cap was 1,934 won per liter for regular gasoline, 1,923 won per liter for automotive and marine diesel, and 1,530 won per liter for kerosene for indoor use.
Koo Yun-cheol, Deputy Prime Minister and Minister of Economy and Finance, said at the "TF for Special Management of Essential Consumer Prices," which he chaired at Government Complex Seoul on the morning of the same day, "Thanks to the active cooperation of the refining industry and gas stations, the price ceiling system is easing fuel cost burdens and faithfully serving as a safety net to fend off a rapid surge in logistics costs."