Nationwide gasoline and diesel prices fell slightly for the first time since the Middle East crisis.
According to the Korea National Oil Corporation (KNOC) oil price information system Opinet at 10:40 a.m. on the 11th, the national average price of gasoline is 1,906.43 won per liter (ℓ). That is down 0.52 won from the previous day. At the same time, the national average price of diesel is also 1,930.74 won per liter, down 0.88 won from the previous day.
Even looking only at Seoul, the trend is downward. The average prices of gasoline and diesel in Seoul are 1,942.98 won and 1,956.76 won per liter, respectively. On the 9th, they climbed to 1,950 won and 1,972 won, respectively, and have been edging down.
This is the first time the national average fuel price has fallen since the United States and Israel carried out airstrikes on Iran on the 28th of last month. International oil prices, which at times topped $100 per Barrel, have fallen into the $80 range, and the effect is seen as stemming in part from cooperation by the three oil industry groups—the Korea Petroleum Association (KPA), the Korea Oil Distribution Association, and the Korea Oil Station Association—to prevent international oil prices from being reflected too abruptly in domestic gas station prices.
As domestic fuel prices rose sharply, the government activated a pan-ministerial task force to monitor the oil market. It also plans to introduce a "maximum oil price system" for the first time in 30 years.
Koo Yun-cheol, Deputy Prime Minister for the Economy and Minister of Strategy and Finance, presided over the first emergency economic ministers' meeting that day and said, "We will implement the maximum oil price system within this week and promptly disclose the target fuel types and price criteria."