On Second Day of Oil Price Cap System, Seoul Prices Near 1,900 Won

According to The Financial News, fuel prices at gas stations nationwide have jumped sharply for a second straight day following the government’s implementation of the second-stage oil price cap system. Citing data from Opinet, as of 9 a.m. on the 28th, the average nationwide gasoline price at gas stations stood at 1,849.7 won per liter, up 10.9 won from the previous day. Diesel averaged 1,844.1 won per liter at the same time, an increase of 9.6 won, extending the overall upward trend in oil prices.
The rise was particularly steep in Seoul. The city’s average gasoline price surged 24.9 won in a single day to 1,890.5 won per liter, while diesel climbed 18.6 won to 1,872.1 won.
Prices had already jumped sharply on the first day of the second-stage oil price cap system on the 27th. On that day, the nationwide average gasoline price rose 19.4 won from the previous day to 1,838.8 won per liter, and diesel increased 18.8 won to 1,834.6 won.
Starting on the 27th, the government applied the second-stage oil price cap system, setting the ceiling price for regular gasoline at 1,934 won per liter, automotive and marine diesel at 1,923 won, and kerosene for indoor use at 1,530 won. These levels are 210 won higher across all fuel types compared with the first-stage cap.
Market observers say this upward adjustment of the cap is feeding directly into higher retail prices at gas stations.
During the first-stage cap in the past, retail prices at gas stations were already about 100 won higher than refinery supply prices. Given the current trajectory, some analysts warn that the nationwide average gasoline price could soon surpass 2,000 won per liter.
On a weekly basis, the all-time high for the nationwide average gasoline price was 2,137.7 won per liter in the fifth week of June 2022. Considering the recent upward trend and broader inflation conditions, some predict that this record could be broken again.

vrdw88@fnnews.com Kang Jung-mo Reporter