At Seoul gas stations, average diesel and gasoline prices are transacting at about 2,000 won per liter, similar to the previous day. With the government freezing the third oil price ceiling, the rise in fuel prices appears to be limited.
According to Opinet, the oil price information system of Korea National Oil Corporation (KNOC), as of 9 a.m. on the 10th, the average gasoline price in Seoul was 2,022.71 won per liter, up 1.14 won from the previous day. The national average gasoline price was 1,986.52 won, up 1.56 won.
Diesel prices in Seoul rose into the 2,000-won range from the previous day. As of 9 a.m., the average diesel price at Seoul gas stations was 2,008.2 won per liter, up 2.46 won from the previous day. The national average diesel price was 1,979.37 won per liter.
Starting at midnight today for two weeks, the government decided to freeze the third price ceiling to be applied to refinery supply prices. Effectively, the government drew a line saying gas stations should not raise fuel prices above current levels. The current ceilings are 1,934 won per liter for gasoline, 1,923 won for diesel, and 1,530 won for kerosene.
International oil prices rose as tensions in the Middle East continued overnight. On Apr. 9 (local time), at the London ICE Futures Exchange, June delivery Brent crude settled at $95.92 per Barrel, up $1.17 (1.23%) from the previous session. May delivery West Texas Intermediate (WTI) closed at $97.87 per Barrel on the New York Mercantile Exchange, up $3.46 (3.66%).
On news of Iran restricting passage through the Strait of Hormuz, WTI futures at one point intraday topped $100 per Barrel. Oil prices later gave back part of their gains after Israel said it planned to enter talks with the Lebanese government.