Gasoline Prices in Seoul Top 1,800 Won per Liter as Drivers Rush to Fill Up

According to Financial News, gasoline and diesel prices at domestic gas stations are rising sharply in the wake of airstrikes on Iran by the United States of America (USA) and the State of Israel.
As of 3 p.m. on the 4th, data from the Korea National Oil Corporation (KNOC) oil price information system Opinet showed that the average gasoline retail price in Seoul had jumped 47.3 won from the previous day to 1,835.8 won per liter. This is the first time the average gasoline price in Seoul has exceeded 1,800 won since December 18 last year, when it stood at 1,802.7 won, roughly two and a half months ago. Over the same period, the national average gasoline price also rose 42.7 won per liter to 1,765.7 won.
Diesel prices are climbing even faster. The average diesel retail price in Seoul reached 1,792.2 won, up 84.8 won from the previous day. The national average diesel price also broke through 1,700 won in just one day, rising to 1,706.7 won.
Domestic gas station prices, which are linked to petroleum product prices in the Singapore market, usually reflect changes in international crude prices with a lag of about two to three weeks. However, analysts say that military clashes that erupted on the 28th of last month (local time) between the USA and the State of Israel on one side and Iran on the other have boosted demand for fuel, while exchange rate movements have added further upward pressure on prices. Against this backdrop, industry sources report that companies are moving to secure supplies in advance and that more consumers are choosing to fill up early.
On the 1st, the national average gasoline price was 1,695.9 won, but within three days the price per liter had risen by 69.8 won. Over the same period, diesel prices surged by 105.8 won.
International oil prices are also on an upward trend. On the previous day at the ICE Futures Exchange, the settlement price for Brent Crude Oil futures closed at 81.4 dollars per barrel, up 3.66 dollars, or 4.71%, from the previous session.
At the New York Mercantile Exchange (NYMEX), West Texas Intermediate crude oil (WTI) rose 3.33 dollars, or 4.67%, to finish trading at 74.56 dollars per barrel.
gaa1003@fnnews.com An Ga-eul Reporter