Gasoline Hits Near Record High of '2059 Won'... Diesel Also Reaches 2050 Won Range

Gasoline at 2,062.55 KRW Approaching 2012 Record

Diesel in 2,050 KRW Range... Consecutive Daily Highs

Weekly Increase: Gasoline Up 24.5 KRW, Diesel Up 22.4 KRW

Gasoline and Diesel Prices Nationwide Above 2,000 KRW

Highest Price Nationwide at GS Caltex Seogye Station, Yongsan, Seoul
2,965 KRW and 2,990 KRW per Liter... Both Approaching 3,000 KRW Threshold

On the 1st of last month, when the fuel tax reduction rate was increased from the current 20% to 30%, at a directly operated gas station in downtown Seoul. / Photo by Mun Ho-nam munonam@

[Asia Economy Reporter Moon Chaeseok] Gasoline prices have approached the highest per liter price that had not been broken for about 10 years. Both gasoline and diesel prices have been rising for five consecutive weeks. The average price of gasoline and diesel in all 17 local governments nationwide has surpassed 2,000 KRW, and the most expensive gas station is on the verge of breaking into the 3,000 KRW range simultaneously. The surge in international oil prices due to the prolonged Russia-Ukraine conflict is interpreted as the factor driving prices up.

According to the Korea National Oil Corporation’s oil price information service Opinet on the 11th, the average retail price of gasoline nationwide for the second week of June (June 5?9) was 2,037.5 KRW per liter, up 24.5 KRW from the previous week.

As of 2 a.m. on the same day, the price soared to 2,059.57 KRW per liter. The all-time high of 2,062.55 KRW (April 18, 2012) is within reach. In 2012, international oil prices (Dubai crude) exceeding 100 dollars per barrel also contributed to the rise in gasoline prices. The weekly record was 116.7 dollars per barrel, and as of the 9th, it was 118.83 dollars per barrel.

Prices have been rising continuously since Russia invaded Ukraine on February 24. On March 15, gasoline prices entered the 2,000 KRW range for the first time in about 9 years and 5 months. After falling below 1,900 KRW in April, prices rose again to 2,001.53 KRW on the 26th of last month, then surpassed the 2,050 KRW range, and are now on the verge of breaking the record high.

In the weekly record, Seoul, the region with the highest price, recorded an average gasoline price of 2,129.9 KRW per liter this week, up 56.3 KRW from the previous week, while Daegu, the region with the lowest price, recorded 2,013.3 KRW, up 24.3 KRW from the previous week.

As of 2 a.m. on the same day, the highest price was recorded in Jeju at 2,136.58 KRW, and the lowest in Gwangju at 2,031.01 KRW. Looking at the weekly brand-specific prices, GS Caltex gas stations were the most expensive with an average of 2,047.1 KRW per liter, while budget gas stations were the cheapest at 2,012.6 KRW. The GS Caltex Seogye gas station in Yongsan-gu, Seoul, which recorded the highest price nationwide as of that day, surged to 2,965 KRW, approaching the 3,000 KRW range.

Diesel prices have already broken the record high. As of 2 a.m. on the same day, the price was 2,057.39 KRW. It has been on a continuous rise since May 12, when it was 1,953.29 KRW. This far exceeds the previous record of 1,947.75 KRW on July 16, 2008. In 2008, China purchased large amounts of diesel needed for emergency generators ahead of the Beijing Olympics. The Seogye gas station in Seoul also sells diesel at the highest price nationwide. As of that day, it was 2,990 KRW, close to the 3,000 KRW range, similar to gasoline.

Diesel prices hit the 2,000 KRW range starting from May 24. This 2,000 KRW range record is also the first in 14 years since statistics began in 2008. The record high is being broken day after day. Based on weekly records, the average price rose 22.4 KRW from the previous week to 2,030.8 KRW per liter.

An announcement regarding the increase in the fuel tax reduction rate from the current 20% to 30% was posted on the 1st of last month at a directly operated gas station in Seoul. Photo by Mun Honam munonam@

Considering the rising trend of international oil prices, domestic gasoline and diesel prices are expected to continue rising for the time being. The government’s fuel tax reduction policy does not seem to be effective. Although the fuel tax reduction rate was expanded from 20% to 30% last month, gasoline prices in the first week of May fell by 44.2 KRW from the previous week but have been rising again for five consecutive weeks since then. The international average gasoline price rose by 1.7 dollars to 149.8 dollars per barrel last week, and the international automotive diesel price rose by 9.3 dollars to 175.8 dollars per barrel.

An official from the Korea National Oil Corporation said, "Gasoline prices continued to rise due to major investment banks’ upward revisions of oil price forecasts and the easing of lockdown measures in Shanghai, China."

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