The rise in domestic gasoline and diesel prices, which had been climbing steeply after the Middle East crisis, has slowed. However, with international oil prices jumping amid the geopolitical crisis, the upward trend is expected to continue for the time being.
As of 9:20 a.m. on the 8th, the nationwide average price of gasoline was 1,893.3 won per liter (ℓ), according to Opinet, the oil price information system of the Korea National Oil Corporation (KNOC). That was up 3.9 won from the previous day.
The nationwide average gasoline price jumped by around 50 won per liter each day after the United States and Israel bombed Iran on the 28th of last month. However, after President Lee Jae-myung signaled tough measures over the surge in fuel prices, the daily increase narrowed to around 10 won per liter starting on the 6th.
By region, the average gasoline price is highest in Seoul at 1,945 won per liter, followed by ▲ Daejeon 1,922 won ▲ Daegu 1,915 won ▲ South Chungcheong 1,908 won ▲ Gyeonggi 1,904 won ▲ North Chungcheong 1,895 won ▲ Incheon 1,894 won. South Jeolla is the lowest at 1,857 won per liter.
At the same time, the nationwide average diesel price was 1,915.37 won per liter, up 4.82 won from the previous day. Diesel prices had also been rising by around 50 won per liter daily but the pace has eased since the 6th.
By region, the average diesel price is highest in Jeju at 1,969 won per liter, followed by ▲ Seoul 1,968 won ▲ Daejeon and Incheon 1,945 won ▲ Daegu and Ulsan 1,940 won ▲ Gyeonggi 1,931 won ▲ South Chungcheong 1,930 won. As with gasoline, South Jeolla is the lowest for diesel at an average of 1,861 won per liter.
International oil prices are rising steeply as Iran has blocked the Strait of Hormuz, a key route for Middle Eastern crude, and the possibility of a prolonged war has emerged. Prices for West Texas Intermediate (WTI) and Brent front-month futures both broke above $90 per Barrel on the 6th (local time). That suggests domestic fuel prices could rise further.
The government will operate a pan-ministerial task force to monitor the oil market and carry out a special inspection into market-disrupting practices at gas stations. The three oil industry groups — the Korea Petroleum Association (KPA), the Korea Oil Distribution Association, and the Korea Oil Station Association — agreed to cooperate to prevent international oil prices from being reflected too sharply in domestic gas station prices.