On the 15th, the third day since the oil price cap took effect, the downward trend in gasoline and diesel prices at gas stations nationwide continued. However, the decline narrowed noticeably compared with the previous day.
According to the oil price information system Opinet, as of 9 a.m. that day, the national average gasoline price was 1,842.1 won per liter, down 3.2 won from the previous day. Diesel fell 4.4 won to 1,843.6 won.
The price gap between the two fuel types, which once widened to more than 20 won, has now narrowed to about 1.5 won. Because the diesel supply price was set lower than gasoline under the price cap standard, diesel prices fell at a faster pace.
Seoul, which has the highest fuel prices in Korea, also continued to trend lower. The average gasoline price in Seoul fell 2.9 won to 1,865.2 won, while diesel came in at 1,854.6 won, down 16.2 won.
Domestic gas station prices have been declining since peaking on the 10th after the outbreak of the United States-Iran war. The previous day, the national average gasoline price fell 18.8 won to 1,845.3 won, and diesel dropped 24.8 won to 1,847.9 won.
International oil prices rose this week on news of a prolonged closure of the Strait of Hormuz and full-fledged production cuts by Middle Eastern oil producers, but gains were limited by an International Energy Agency (IEA) agreement to release strategic reserves. Dubai crude, the benchmark for import crude prices, rose $34.6 from a week earlier to $123.5, international gasoline climbed $25.3 to $126.3, and automotive diesel increased $37.5 to $176.5.
Fluctuations in international oil prices are usually reflected in domestic gas station prices with a lag of two to three weeks.