"It looked like it might hit 2,000 won"…Fuel price rise eases, gasoline at 1,895 won

National average gasoline price at 1,895 won per ℓ…up 5.9 won from the previous day

Seoul gasoline at 1,945 won…rise continues but gains are limited

Diesel at 1,917 won per ℓ…still remains priced higher than gasoline

As surging oil prices prompt the government to even consider setting a price cap, the upward trend in pump prices at gas stations nationwide appears to have slowed somewhat.

According to Opinet, the Korea National Oil Corporation’s oil price information system, as of 4 p.m. on the day, the average gasoline price at gas stations nationwide stood at 1,895.3 won per ℓ, up 5.9 won from the previous day. The diesel price rose 7.2 won to 1,917.8 won per ℓ. Diesel prices continue to remain higher than gasoline.

Fuel prices in Seoul also kept rising, but the increase was limited. The average gasoline price in Seoul climbed 4.0 won from the previous day to 1,945.7 won per ℓ, while diesel rose 3.8 won to 1,967.2 won. However, diesel, which was 1,968.2 won as of 9 a.m., edged down by about 1.0 won in the afternoon, showing signs that the uptrend is partly easing.

Compared with recent days when prices were jumping by several tens of won per day, the pace of increases has slowed sharply, and some analysts say the government’s strong warning had an effect. The refining industry is also said to be taking the broader social atmosphere into account and not fully passing through the rise in international refined product prices to supply prices.

Still, as movements in international oil prices are reflected in domestic pump prices with a lag of about 2–3 weeks, some expect the domestic uptrend to continue for the time being.

President Lee Jae-myung is set to chair an ‘emergency economic review meeting to assess economic and price conditions’ on the 9th in connection with the Middle East situation and review changes in key prices such as oil.

Reporter Yoo Ji-hee, Hankyung.com keephee@hankyung.com