"Gas Prices Are Frightening"...Gasoline Surpasses 1,700 Won for the First Time in 10 Months

Diesel Prices Surpass 1,500 Won After 3 Months
Upward Trend Expected Due to Rising International Oil Prices

Photo by Kim Hyunmin

Gasoline prices at gas stations nationwide are on the rise. The average selling price of gasoline reached the 1,700 KRW per liter range, while diesel recorded prices in the 1,500 KRW range.

According to the Korea National Oil Corporation's oil price information site Opinet, as of 8:30 PM on the 9th, the domestic gasoline price at gas stations rose by 7.13 KRW from the previous day to 1,703.36 KRW. This is the first time in over 10 months since September 27 last year (1,705.43 KRW) that gasoline prices have reached the 1,700 KRW range.

Previously, in June last year, due to the impact of Russia's invasion of Ukraine, international oil prices surged, pushing domestic gasoline prices up to the 2,100 KRW range. Prices then declined, dropping to the 1,500 KRW range in June this year, but are now rebounding.

Diesel surpassed the 1,500 KRW range for the first time in over three months since May 10, recording 1,502.55 KRW on the 6th. As of 8:30 PM on the 9th, the average selling price of diesel rose by 13.10 KRW from the previous day to 1,540.58 KRW.

The reason for the rising fuel prices at domestic gas stations is the increase in international oil prices. The decrease in U.S. crude oil inventories and production cuts by major oil-producing countries such as Saudi Arabia are affecting petroleum product prices. Industry experts predict that as the international oil price uptrend continues, domestic gasoline and diesel prices at gas stations will also show an upward trend for the time being.

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