Petroleum Price Ceiling Day 3: Fuel Prices Continue to Fall, but Decline Slows
National Average Gasoline Price at 1,842 Won, Diesel at 1,844 Won
On March 15, the third day since the implementation of the petroleum price ceiling, fuel prices at gas stations across the country continued to fall, but the rate of decline slowed significantly.
According to Opinet, a fuel price information system, as of 9 a.m. on this day, the national average price of gasoline stood at 1,842.1 won per liter, down 3.2 won from the previous day, while diesel fell by 4.4 won to 1,843.6 won per liter.
The price gap between diesel and gasoline, which had once exceeded 20 won, has narrowed considerably and the two are now at similar levels. This is attributed to the fact that under the petroleum price ceiling, the maximum supply price for diesel was set lower than that for gasoline, causing diesel prices to drop more quickly.
Even in Seoul, where gas stations have the highest fuel prices in the country, the downward trend continued. The average price of gasoline in Seoul fell by 2.9 won from the previous day to 1,865.2 won per liter. The average price of diesel in Seoul was recorded at 1,854.6 won per liter, down 16.2 won.
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Domestic fuel prices peaked on the 10th, following the outbreak of war between the United States and Iran, and have been on a downward trend since then. However, international oil prices rose this week due to the ongoing blockade of the Strait of Hormuz and news of production cuts from Middle Eastern oil-producing countries. The price of Dubai crude oil, which serves as the benchmark for imported oil prices, jumped 34.6 dollars from last week to 123.5 dollars per barrel. The increase was limited by measures such as the International Energy Agency (IEA) agreement to release strategic oil reserves. Changes in international oil prices are typically reflected in domestic gas station prices with a lag of two to three weeks.
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