With the Middle East crisis dragging on, the national average price of fuel rose for the fifth straight week.
According to Opinet, the oil price information system of the Korea National Oil Corporation (KNOC), the national average gasoline price in the fifth week of April (April 26–30) was 2,008.6 won per liter, up 4.8 won from the previous week. Diesel was 2,002.8 won, up 5.1 won. Gasoline and diesel prices have risen for five straight weeks since the first week of April (March 29–April 2).
The upward trend has continued into May. As of the 2nd, the national average price was 2,010.42 won for gasoline and 2,004.54 won for diesel.
Since March, the government has enforced a petroleum price cap system, controlling refinery supply prices to gas stations. The fourth cap, announced on April 24, set gasoline at 1,934 won per liter, diesel at 1,923 won, and kerosene at 1,530 won. The fourth cap applies for two weeks. The government is expected to announce on the 8th whether it will continue the petroleum price cap system and, if so, at what levels.