Seoul gasoline averages 1,944.7 won per liter, up 3.0 won, as government warning tempers fuel price surge
- Input
- 2026-03-08 13:18:35
- Updated
- 2026-03-08 13:18:35
According to The Financial News, the recent surge in fuel prices at gas stations nationwide has eased somewhat after the government signaled a hard-line response, including a review of setting maximum retail prices to counter the jump in global oil prices. However, the impact of soaring international oil prices means domestic fuel prices are still expected to keep rising for the time being.
According to data from the Korea National Oil Corporation (KNOC) oil price information system Opinet on the 8th, as of 11 a.m. the nationwide average gasoline price at gas stations stood at 1,893.3 won per liter, up 3.9 won from the previous day. Over the same period, the average diesel price was 1,915.4 won, an increase of 4.8 won. Diesel prices remain higher than gasoline prices. In Seoul, fuel prices continued to climb, but the scale of the increase was limited. The average gasoline price in Seoul was 1,944.7 won per liter, up 3.0 won from the previous day, while diesel rose 4.9 won to 1,968.2 won.
Compared with the recent pattern of daily increases of several tens of won, the latest gains are much smaller. Some analysts say the government’s warning about cracking down on possible price collusion may have had at least some impact on the market.
Even so, the sharp rise in international oil prices driven by heightened tensions in the Middle East continues to exert strong upward pressure on domestic fuel prices. On the 6th (local time), global oil prices jumped. The price of West Texas Intermediate (WTI) crude oil for April delivery surged 12.21% from the previous session to 90.90 dollars per barrel, while May Brent Crude Oil climbed 8.52% to 92.69 dollars, marking the biggest one-day gains since March 2022. Because changes in international oil prices are typically reflected in domestic gas station prices with a lag of about two to three weeks, many expect the upward trend in domestic fuel prices to continue for now.
solidkjy@fnnews.com Gu Ja-yoon Reporter