On the 12th, the third day of the third petroleum price ceiling, the nationwide average gas station price increase appeared to have eased somewhat.
According to the oil price information system Opinet, as of 9 a.m. that day, the nationwide average gasoline price at gas stations was 1,992.3 won per liter (L), up 0.7 won from the previous day. At the same time, diesel was 1,985.8 won, up 0.6 won.
Seoul's average gasoline price was 2,024.4 won per L, up 0.1 won from the previous day, and the diesel price held at 2,009.8 won per L, the same as the day before.
The petroleum price ceiling, which caps refiners' supply prices to gas stations, was first implemented on the 13th of last month, followed by a second round on the 27th of the same month, and entered its third round on the 10th. The third ceiling is 1,934 won per L for gasoline, 1,923 won for diesel, and 1,530 won for kerosene, the same as the second round.
Generally, domestic gas station prices are affected by changes in international oil prices with a lag of two to three weeks.
On the 10th (local time), international oil prices fell slightly ahead of cease-fire talks between the United States and Iran.
Brent crude for June delivery finished at $95.20 per barrel, down $0.72 from the previous session. West Texas Intermediate (WTI) for May delivery settled at $96.57 per barrel, down $1.30.