Gasoline Prices Surpass Diesel Again... Both Exceed 2,000 Won

Gasoline and Diesel Both Exceed 2,000 Won per Liter
High Oil Prices Expected to Persist

[Image source=Yonhap News]

[Asia Economy Reporter Moon Chaeseok] As domestic gasoline and diesel prices both surpassed 2,000 KRW per liter, gasoline prices have once again exceeded diesel prices.

According to the Korea National Oil Corporation's oil price information site Opinet, as of 2 PM on the 31st, the nationwide average gasoline price at gas stations recorded 2,012.33 KRW per liter, overtaking the diesel price of 2,008.00 KRW.

Gasoline, which is taxed more heavily than diesel, is usually more expensive than diesel. However, due to supply disruptions centered in Europe following Russia's invasion of Ukraine, diesel prices (1,947.59 KRW) surpassed gasoline prices (1,946.11 KRW) as of the 11th of this month. This is the first time in about 14 years since June 2008 that domestic diesel prices have exceeded gasoline prices.

Since then, the price gap between diesel and gasoline widened to more than 14 KRW as of the 19th, but recently gasoline prices have risen sharply again, recording 2,007.62 KRW per liter on the 28th, once again surpassing diesel prices (2,005.62 KRW). A refining industry official analyzed, "The peak demand season for gasoline from June to August is approaching, and inventories are also low," adding, "High oil prices are expected to continue for the time being."

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