Nationwide gasoline prices slip into the 1,800-won range… diesel at 1,919 won
Summary
- International oil prices broke above $100 per barrel intraday for the first time in three days, but the nationwide average gasoline price continued to fall to 1,898.8 won per liter.
- The nationwide average diesel price came in at 1,919 won, still higher than the gasoline price, while fuel prices in Seoul also declined in tandem.
- Typically, international oil-price swings are reflected in domestic prices with a 2–3 week lag, and the government said it plans to introduce a price-cap system for petroleum products this week and run it in two-week increments.
Forecast Trend Report by Period
As international oil prices climbed above $100 a barrel intraday for the first time in three days, the nationwide average gasoline price was found to have extended its decline.
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 service stations nationwide stood at 1,898.8 won per liter, down 5.5 won from the previous day.
Diesel prices fell 8.5 won to 1,919 won, but remained higher than gasoline.
Fuel prices in Seoul also trended lower. The average gasoline price fell 13.4 won from the previous day to 1,927.1 won per liter. Diesel declined 16.6 won to 1,936.2 won per liter.
International oil prices that day rose above $100 a barrel intraday for the first time in three days since March 9. Brent crude futures for May delivery, the benchmark for international oil prices, jumped to as high as $101.59 at 11:36 a.m. Korea time before easing slightly to $97.89 as of 3:46 p.m. That was up 6.4% from the March 11 close ($91.98) in local trading.
Typically, changes in international oil prices are reflected in domestic pump prices with a lag of about 2 to 3 weeks.
The government plans to introduce a price-cap system for petroleum products this week, with the policy to be operated in two-week increments while monitoring market conditions.
Yonghyun Shin, Hankyung.com reporter yonghyun@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
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