Gas prices at Seoul stations in the 1,900-won range... set to top 2,000 won?

[The Financial News] As international oil prices continue to rise, fuel prices at gas stations climbed further on the 7th.
According to Opinet, the oil price information system run by Korea National Oil Corporation (KNOC), the nationwide average gasoline price at gas stations as of 9 a.m. on the 7th was 1,881.28 won per liter, up 9.46 won from the previous day. Diesel, which has already become more expensive than gasoline, rose 12.10 won to 1,899.43 won, nearing 1,900 won.
In Seoul, which has the highest fuel prices in the country, both gasoline and diesel have entered the mid-1,900-won range.
The average gasoline price in Seoul was 1,938.04 won, up 7.76 won from the previous day. The diesel price rose 4.38 won to 1,958.00 won.
Even so, the pace of price increases has slowed noticeably compared with the previous day.
At the same time the previous day, gasoline prices had jumped 22 won nationwide and 27.5 won in Seoul, but on the 7th the increases in both cases were limited to single digits.
Diesel prices had risen 33.4 won nationwide and 38.9 won in Seoul at the same time the previous day. On the 7th, however, the increases were in the 4-won range in Seoul and around 12 won nationwide.
On a weekly basis as well, fuel prices at gas stations have been climbing for three consecutive weeks.
In the first week of March (1–5), the nationwide average gasoline price at gas stations was 1,746.5 won, up 55.3 won from the previous week.
The average retail price of diesel rose 86.3 won to 1,680.4 won.
Recently, an attack by the United States of America on Iran has heightened geopolitical tensions in the Middle East, and Iran’s move to blockade the Strait of Hormuz has driven international oil prices and domestic fuel prices sharply higher together.
Dubai crude oil, which serves as the benchmark for imported crude prices, stood at 86.1 dollars, up 15.6 dollars from the previous week. International gasoline prices rose 19.1 dollars to 98.0 dollars, while international automotive diesel prices jumped 42.6 dollars to 134.8 dollars. Such changes in international oil prices are typically reflected in domestic gas station prices with a time lag of about two to three weeks.
An official at the Korea Petroleum Association said, "Due to higher petroleum product prices in the fourth week of February and the recent deterioration in the Middle East situation, including the blockade of the Strait of Hormuz, domestic gas station prices are expected to continue rising next week."

jiany@fnnews.com Yeon Ji-an Reporter