Seoul Gasoline Prices Surpass 2000 Won Mark Amid Middle East Tensions

Deep News04-07

Due to rising fuel costs driven by global supply disruptions, the average price of gasoline in Seoul exceeded 2000 won per liter ($1.32) on Tuesday, reaching its highest level since mid-2022.

Data from Opinet, an oil price monitoring system operated by the state-run Korea National Oil Corporation, showed that as of 9:30 a.m. on Tuesday, the average gasoline price in Seoul was 2000.27 won per liter, an increase of 9.88 won from the previous day.

Diesel prices also rose, climbing 11.6 won per liter to an average of 1979.6 won.

This marks the first time since July 25, 2022, that Seoul's average gasoline price has surpassed the 2000 won per liter threshold, a period when oil prices surged sharply due to the Russia-Ukraine conflict.

South Korea imports approximately 70% of its crude oil from the Middle East, with the majority transported through the Strait of Hormuz. Due to the risk of disruption to this critical shipping route amid tensions involving Iran, South Korea has implemented a price cap on oil products since March 13.

The price cap applies to wholesale transactions of petroleum products, not retail prices at gas stations, and is adjusted every two weeks to reflect changes in global oil prices and supply conditions. The third round of the price cap is scheduled to be announced on Friday.

Since the escalation of tensions, all 28 South Korean vessels carrying fuel have been delayed in the Strait of Hormuz.

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