After the third price cap freeze, average fuel prices at gas stations nationwide are being transacted at around 2,000 won per liter (L), and the pace of increases appears to have eased somewhat.
According to Opinet, the oil price information system of the Korea National Oil Corporation (KNOC), as of 9:50 a.m. on the 16th, the average nationwide gasoline price at gas stations was 1,998.79 won per L, up 0.73 won from the same time the previous day. The nationwide average diesel price was 1,992.64 won, up 0.59 won.
Fuel prices in Seoul are also continuing to rise. At the same time, the gasoline price in Seoul was 2,028.26 won, up 0.60 won from the previous day. The diesel price was 2,014.03 won, up 0.71 won.
Following Seoul, regions where gasoline prices exceed 2,000 won per L include Jeju (2,029 won), North Chungcheong (2,005 won), Gyeonggi (2,003 won), South Chungcheong (2,001 won), and Gangwon (2,000 won). The only place where diesel prices exceeded 2,000 won per L after Seoul was Jeju (2,016 won).
The petroleum price ceiling system, which sets an upper limit on refinery supply prices to gas stations, was first implemented on the 13th of last month and entered its third round on the 10th of this month. The third cap was frozen at the same levels as the second: 1,934 won per L for gasoline, 1,923 won for diesel, and 1,530 won for kerosene.
Overnight, international oil prices saw only Dubai crude rise. On the 15th (local time), Brent crude futures settled at $94.93 per barrel, up 0.1% from the previous session. May-delivery West Texas Intermediate futures settled at $91.29 per barrel, rising only 1 cent from the previous session. Dubai crude rose 2.43% from the previous day to $105.51.