Diesel Prices in Seoul Top 2,000 Won After Gasoline... First Time in 3 Years and 8 Months

[Financial News] Although the United States and Iran have entered a two-week ceasefire, the Strait of Hormuz remains effectively closed, and in Seoul, diesel prices have now exceeded 2,000 won per liter following gasoline. The last time the average diesel price in Seoul broke the 2,000-won mark was on August 4, 2022, at 2,006.4 won, during the period of high oil prices driven by the Russo-Ukrainian War, meaning it has been about three years and eight months.
According to the Opinet oil price information system on the 9th, as of 9 a.m. that day the average diesel price in Seoul stood at 2,000.2 won per liter, up 5.5 won from the previous day. The city’s average gasoline price rose 4.4 won to 2,017.8 won per liter. Nationwide, the average gasoline price at gas stations was 1,981.8 won per liter, up 4.0 won from a day earlier, while the average diesel price climbed 4.4 won to 1,973.9 won.
Jeju Island, which has the highest fuel prices in the country, recorded an average gasoline price of 2,027.4 won per liter, up 1.7 won from the previous day. Diesel there also rose, increasing 2.6 won to 2,007 won per liter.
International oil prices, however, plunged more than 10% following the ceasefire agreement between the United States and Iran. On the 8th (local time), Brent Crude Oil for June delivery closed at 94.75 dollars per barrel, down 14.52 dollars, or 13.29%, from the previous session. West Texas Intermediate crude oil (WTI) for May delivery ended at 94.41 dollars per barrel, a drop of 18.54 dollars, or 16.41%.
Nevertheless, reports that the Strait of Hormuz remains effectively blocked have pushed international oil prices back up in off-exchange trading. Both Brent Crude Oil and WTI are now fluctuating above 97 dollars per barrel.
solidkjy@fnnews.com Gu Ja-yoon Reporter