Countdown to 3,000 Won Gas Stations Amid 'Ukraine Invasion'... Calls for Government Inspections to Strengthen Gas Station Oversight

Seoul Gas Station Gasoline Price Surpasses 2000 Won
National Average 1982.04 Won... Some Areas Near 3000 Won

A gas station in Seoul selling gasoline at 2,095 KRW per liter. Photo by Jinhyung Kang aymsdream@

[Asia Economy Reporter Moon Chaeseok] Due to the surge in international oil prices following Russia's invasion of Ukraine, the average gasoline retail price at gas stations in Seoul has exceeded 2,000 KRW per liter. The national average price is also on the verge of surpassing 2,000 KRW. In some regions, prices have approached 3,000 KRW. Considering the pricing system that reflects international oil prices with a 2-3 week delay, the upward trend in domestic gasoline prices is expected to accelerate further.

According to Opinet, the oil price information site operated by the Korea National Oil Corporation, as of 9 a.m. on the 14th, SK Energy's Seonam gas station in Seoul was the most expensive at 2,829 KRW per liter. The top four most expensive stations were all located in Seoul, and the fifth was S-Oil's Gudoil gas station Seowon in Cheongju, Chungbuk, at 2,522 KRW. On the 11th, a GS Caltex gas station in Iksan, Jeonbuk, was mistakenly reported to have prices exceeding 3,000 KRW per liter, causing confusion among consumers.

The national average price was 1,982.04 KRW, up 6.68 KRW from the previous day, and in Jeju, the most expensive region, it surged by 3.05 KRW to 2,090.35 KRW. If the national average price exceeds 2,000 KRW per liter, it will mark a new record for the first time in about 9 years and 5 months since the fourth week of October 2012 (2,003.7 KRW).

There is a prevailing view that nationwide gasoline prices will continue to rise due to the prolonged Russian invasion and the ineffectiveness of the fuel tax reduction policy. The invasion began on the 24th of last month, and the comprehensive pressure on southern, eastern, and northern Ukraine, as well as the advance toward the Ukrainian capital Kyiv (Kiyev), have not yet been reflected in prices. A bigger issue is that the fuel tax reduction is greater than the increase in international oil prices, leading to growing consumer distrust in the domestic gasoline price calculation system.

Lee Seohye, research director of the Energy and Oil Market Monitoring Group, a civic organization monitoring gasoline prices, said, "When reports or media coverage predict that international oil prices will continue to rise, it is suspected that gas stations nationwide raise gasoline prices more than the reflected international oil price and fuel tax components," adding, "The government needs to strengthen monitoring of refiners and gas stations."

This content was produced with the assistance of AI translation services.