Gasoline and diesel prices in Seoul top 1,900 won...Could they hit 2,000 won?

Financial News — The government has announced it will launch a strict crackdown on illegal practices such as price-fixing and hoarding that exploit the current uptrend in global oil prices. Amid this pledge, both gasoline and diesel prices in Seoul have climbed above 1,900 won per liter.
According to Opinet, the oil price information system run by the Korea National Oil Corporation (KNOC), the nationwide average gasoline price at gas stations stood at 1,856.3 won per liter as of 10 a.m. on the 6th, up 22.0 won from the previous day. Diesel prices jumped 33.4 won in a single day to 1,863.7 won, overtaking gasoline.
Seoul, which has the highest fuel prices in the country, saw both gasoline and diesel break through the 1,900-won level. The average gasoline price in Seoul rose 27.5 won from the previous day to 1,916.5 won per liter, while diesel climbed 38.9 won to 1,934.1 won.
Gasoline prices in Seoul have exceeded 1,900 won per liter for the first time in about three years and seven months, since early August 2022. Diesel prices have also topped 1,900 won for the first time in roughly three years and three months, since early December 2022.
Analysts say domestic fuel prices are under strong upward pressure as volatility in international oil prices has increased due to heightened instability in the Middle East, while anxiety over further price hikes has driven up demand for fuel.
The government believes there is a risk of market-disrupting behavior, such as excessive hikes in some petroleum product prices during this period of rising oil prices, and is stepping up inspections. It is operating a cross-ministerial task force to monitor the oil market, involving the Ministry of Economy and Finance (MOEF), the Ministry of Trade, Industry and Energy, the Korea Fair Trade Commission (KFTC), the National Tax Service, and local governments. Starting today, the task force plans to carry out special inspections targeting gas stations considered at high risk for illegal oil distribution.
solidkjy@fnnews.com Reporter Koo Ja-yoon Reporter