"'Ukraine Invasion' Nears 'Gasoline 3000 Won'... 'Gas Station Government Inspection' Ordered (Comprehensive)"

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

On the 14th, as international oil prices surged due to Russia's invasion of Ukraine, gasoline prices rose domestically, with fuel price information displayed at a gas station in Seoul. Photo by Moon Honam munonam@

[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 areas, prices have approached 3,000 KRW. Considering the pricing system that reflects international oil prices with a 2 to 3-week delay, the upward trend in domestic gasoline prices is expected to steepen 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 gas stations were all located in Seoul, and the fifth was S-Oil's Gudoil gas station in Cheongju, Chungbuk, priced at 2,522 KRW. On the 11th, a GS Caltex gas station in Iksan, Jeonbuk, was mistakenly reported to have exceeded 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 soared 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).

Due to the prolonged Russian invasion and the ineffectiveness of the fuel tax reduction policy, the prevailing view is that gasoline prices nationwide will continue to rise. 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 Kyiv, the capital of Ukraine, 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, stated, "When reports or media coverage predict that international oil prices will continue to rise, gas stations nationwide are suspected of raising gasoline prices more than the reflected international oil price and fuel tax components." She pointed out, "The government needs to strengthen monitoring of refiners and gas stations."

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