Government data released on Friday revealed that the average prices of gasoline and diesel in Seoul, South Korea, have exceeded 1900 won per liter, driven by escalating tensions in the Middle East. Concurrently, the government reiterated warnings against illegal activities such as price collusion.
South Korean President Lee Jae-myung issued another warning to domestic oil refiners via social media platform X, cautioning them against potential collusion to inflate fuel prices. This followed his directive the previous day during a cabinet meeting, where he instructed officials to consider implementing a price ceiling.
According to data from Opinet, an oil price information service operated by the Korea National Oil Corporation (KNOC), as of 9 a.m. local time on Friday, the average gasoline price in Seoul rose by 27.5 won from the previous day to 1916.5 won per liter, while the average diesel price increased by 38.9 won to 1934.1 won per liter.
This marks the first time in three years and seven months that Seoul's gasoline prices have surpassed the 1900 won per liter threshold. Diesel prices last exceeded this level three years and three months ago, in December 2022.
Nationwide, the average gasoline price climbed by 22 won to 1856.3 won per liter, and the average diesel price rose by 33.4 won to 1863.7 won per liter.
The South Korean government announced it will establish an interagency task force to closely monitor fuel price trends and mobilize all available measures to address abnormal price increases.
An industry insider commented, "While gasoline vehicle owners may delay refueling when prices rise, diesel vehicles are often used for commercial purposes, leading to more volatile demand and contributing to higher diesel prices."
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