Gasoline, Diesel Prices Top 2,000 Won a Liter Across Most of South Korea

Gasoline and diesel prices in South Korea have both climbed above 2,000 won a liter nationwide, extending a run of elevated fuel costs. With only a few regions still below that threshold, the country has effectively entered the 2,000-won era for fuel prices.

Data from Opinet, the price disclosure service operated by the Korea National Oil Corp., showed the nationwide average at 2,007.79 won a liter for gasoline and 2,001.76 won for diesel on April 26. Both fuels remained above 2,000 won, underscoring the continuing uptrend.

By region, gasoline prices had already exceeded 2,000 won a liter in Seoul, Jeju, Gangwon and North Chungcheong. Only a handful of areas, including Daegu, Busan, Ulsan and Gwangju, stayed below that level. Diesel prices were above 2,000 won in Seoul, Jeju, Gangwon, North Chungcheong and South Chungcheong, while Daegu, Busan, North Gyeongsang, Ulsan and Gwangju remained below it.

The government is trying to curb the rise through measures including a maximum oil price system and a freeze on supply prices. Supply prices are currently capped at 1,934 won a liter for gasoline, 1,923 won for diesel and 1,530 won for kerosene.

Even so, rising global crude prices and the lag in passing them through domestically could keep pressure on retail fuel prices for the time being. The industry also sees gasoline and diesel prices in the 2,000-won range as a potential new normal rather than a temporary phenomenon.

Lee Song-ryeol, Hankyung.com reporter yisr0203@hankyung.com