Daegu, Not Seoul, Tops Nationwide Fuel Price Increase in April

Daegu Tops Gasoline and Diesel Price Increase Rates Among 17 Regions

Areas with Previously Lower Fuel Prices May See Higher Rate of Increase

Amid a surge in consumer price inflation to its highest level in 21 months following the oil price shock in April, Daegu recorded the steepest increase in fuel prices among all regions. Both gasoline and diesel prices in Daegu showed the highest rate of increase nationwide. However, some analysts point out that because fuel prices in Daegu were relatively low before the Middle East war, the rate of increase may appear higher. In contrast, Jeju and Seoul, where prices were already high, saw the lowest rates of increase.

Yonhap News Agency

According to the National Data and Statistics Portal (KOSIS) of the Ministry of Data and Statistics on May 7, fuel prices in Daegu in April soared by 24.7% year-on-year. This was the largest increase among the 17 major cities and provinces across the country. Daegu recorded the highest rate of increase nationwide for the second consecutive month, following March, when oil prices began to rise sharply due to the impact of the Middle East war.

Last month, nationwide fuel prices jumped by 21.9%, contributing 0.84 percentage points to the overall consumer price index—a significant impact. The rate of increase was the highest since July 2022 (35.2%), at the onset of the Russia-Ukraine war, marking a 3-year-and-9-month high. The fuel category includes cooking LPG, butane gas, gasoline, diesel, and LPG for vehicles.

In addition to Daegu, regions that saw above-average increases among the 17 major cities and provinces included: Ulsan (24.3%), Busan (23.2%), Incheon (23.2%), Daejeon (22.9%), Gyeonggi Province (22.9%), South Gyeongsang Province (22.7%), and Gwangju (22.4%). Jeju recorded the lowest increase in fuel prices at 17.6%, followed by Seoul at 18.9%.

By category, Daegu saw the highest increase in gasoline prices at 23.1%. This was followed by Ulsan (22.6%), Daejeon (22.3%), South Gyeongsang Province (22.2%), and Incheon (22.0%). Seoul recorded the lowest increase at 17.9%.

Daegu also saw the largest increase in diesel prices at 33.9%, followed by Ulsan (33.7%), South Gyeongsang Province (32.7%), Busan (32.5%), and North Gyeongsang Province (31.8%). Seoul had the lowest increase at 25.6%.

For kerosene, Jeju saw the sharpest rise at 28.4%, followed by Gangwon Province (22.0%), North Chungcheong Province (21.6%), North Gyeongsang Province (20.4%), and North Jeolla Province (20.0%). Seoul again had the lowest increase at 8.5%.

An official from the Ministry of Data and Statistics explained, "Compared to the Seoul metropolitan area, where public transportation is more accessible, local regions rely more on private cars. As a result, when fuel prices rise, it is difficult to suddenly reduce demand, which tends to keep the rate of price increases relatively high."

However, given that consumer price indices are compared year-on-year, regions with previously lower fuel prices may show relatively higher rates of increase. Conversely, regions where prices were already high may record lower rates of increase.

According to the oil price information system Opinet, in April, the average pump price for regular gasoline was the highest in Seoul at 2,021.60 won per liter. Jeju followed at 2,020.86 won. Daegu, at 1,974.61 won, had the third-lowest price after Busan and Ulsan.

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