Seoul Average Gasoline Price Surpasses 2,000 Won... Diesel Nears 2,000 Won Mark

Amid volatility in global oil prices due to the aftermath of the Middle East war, domestic gasoline and diesel prices continue to rise daily. The average price of gasoline in Seoul has once again exceeded 2,000 won per liter, and diesel has nearly reached the 2,000 won mark as well.

A citizen is refueling a vehicle at the Affordable Gas Station at Mannam Square in Seocho-gu, Seoul. Photo by Jo Yongjun jun21@

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According to Opinet, the oil price information system of Korea National Oil Corporation, as of 9 a.m. on April 7, the average price of gasoline in Seoul stood at 2,000.27 won per liter. The nationwide average price was recorded at 1,964.72 won, up 6.35 won from the previous day. The highest price nationwide soared to 2,498 won, and all regional average prices also exceeded 1,900 won.

By region, Jeju recorded the highest average gasoline price at 2,019 won per liter, while Busan had the lowest at 1,938 won.

Diesel prices also continued their upward trend. The nationwide average price reached 1,955.64 won per liter, up 6.43 won from the previous day, with the highest price recorded at 2,398 won. The average price in Seoul was 1,979.61 won, with Jeju at the highest at 1,993 won and Busan at the lowest at 1,929 won.

The high prices in Jeju are attributed to the island’s unique characteristics, such as higher logistics costs and relatively less competition among gas stations. It is known that an additional cost of about 10 won is incurred at the refining stage and about 20 to 30 won at the gas station stage due to maritime transport.

International oil prices are also on the rise. Amid ongoing concerns over the prolonged Iran crisis, the Dubai crude oil, which serves as the Asian benchmark, rose 2.71% from the previous day to 120.43 dollars per barrel as of April 6 local time. During the same period, West Texas Intermediate (WTI) increased by 0.78% to 112.41 dollars, and Brent crude rose by 0.68% to 109.77 dollars.

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