Crazy Oil Prices... Diesel Exceeds 2100 Won per Liter

Domestic Diesel Price Surpasses 2100 Won per Liter... Gasoline Also Approaching 2100 Won

On the 12th, at a gas station in downtown Seoul where oil prices are continuously rising, gasoline is being sold at 2,965 won per liter and diesel at 2,990 won per liter. Photo by Mun Ho-nam munonam@

[Asia Economy Reporter Kiho Sung] Domestic diesel prices, which have been setting new record highs day after day, have surpassed 2,100 KRW per liter.

According to the Korea National Oil Corporation's oil price information service Opinet, as of 9:10 AM on the 17th, the average diesel price at gas stations nationwide rose by 4.63 KRW from the previous day to 2,100.73 KRW per liter.

Gasoline prices are also close to breaking the 2,100 KRW per liter mark. At the same time, the average gasoline price nationwide increased by 3.63 KRW from the previous day to 2,095.83 KRW per liter.

Domestic fuel prices continue to set new daily records. The domestic gasoline price recorded 2,064.59 KRW on the 11th, surpassing the all-time high of 2,062.55 KRW set on April 18, 2012, after 10 years and 2 months.

Additionally, domestic diesel prices already broke the previous record of 1,947.74 KRW set on July 16, 2008, by reaching 1,953.29 KRW on the 12th of last month, and have been setting new records daily since then.

Gasoline and diesel prices have surged due to supply and demand difficulties triggered by Russia's invasion of Ukraine. As sanctions against Russian oil products continue worldwide, supply uncertainties have increased further.

Industry experts expect the high oil prices to continue for the time being, as crude oil inventories decrease, China eases lockdown measures in major cities, and the U.S. driving season (June to August) approaches, increasing demand.

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