Diesel Price Surpasses Gasoline... Finally Exceeds 2,000 KRW per Liter for the First Time in 14 Years

2000.57 Won per Liter... 'Reversal Phenomenon' Surpassing Gasoline Price Continues for 14th Day

The appearance of a gas station in downtown Seoul on the 22nd. [Image source=Yonhap News]

[Asia Economy Reporter Kim Jeong-wan] The phenomenon of diesel prices being higher than gasoline prices has continued for 14 consecutive days, with diesel prices surpassing 2,000 won per liter (ℓ) for the first time in 14 years.

According to the Korea National Oil Corporation's oil price information service Opinet on the 24th, as of the afternoon, the average diesel price at gas stations nationwide rose by 2.55 won from the previous day to 2,000.93 won per liter, exceeding 2,000 won. This is the first time since April 2008, when nationwide sales price statistics began to be compiled, that domestic diesel prices have exceeded 2,000 won.

Since February, due to Russia's invasion of Ukraine, a supply shortage of petroleum products has occurred, and a shortage of diesel inventory centered in Europe has caused diesel prices to rise sharply.

The government expanded the fuel tax reduction rate from the existing 20% to 30% starting from the 1st of this month to stabilize prices, but since the fuel tax reduction is a percentage rather than a fixed amount, it has not curbed the upward trend.

On this day, the gasoline price was 1,993.80 won, which is 6.77 won cheaper than diesel. Since the 11th, when the diesel price (1,947.59 won) surpassed the gasoline price (1,946.11 won), the reversal phenomenon has continued for 14 days.

However, since international diesel prices, which influence domestic diesel prices, have recently been declining, there is a forecast that diesel prices may fall soon. The international diesel price on the previous day was $146.37 per barrel, which is 11% lower compared to $164.76 on the 5th.

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