Nationwide Gasoline and Diesel Prices Top 1,980 Won Again

Fuel prices at domestic gas stations are climbing as tensions in the Middle East persist even after the ceasefire between the United States of America (U.S.) and the Islamic Republic of Iran took effect. Following gasoline, the nationwide average price of diesel has also risen above 1,980 won per liter (L), extending the upward trend.
According to Opinet, the oil price information system, as of 9 a.m. on the 10th the nationwide average gasoline price at gas stations stood at 1,987.5 won per liter, up 2.6 won from the previous day. Over the same period, the average diesel price rose 2.9 won to 1,980.7 won per liter.
Prices in Seoul also continued to move higher. The average gasoline price in Seoul reached 2,023.1 won per liter, an increase of 1.5 won from the previous day, while diesel climbed 2.8 won to 2,008.4 won per liter.
Meanwhile, the government kept the third round of prices under the oil price cap system, which takes effect from the 10th, unchanged. Based on Singapore benchmark refined oil product prices, measured by the Mean of Platts Singapore (MOPS), gasoline prices rose 1.6% over the past two weeks, diesel 23.7%, and kerosene 11.5%. However, authorities decided to freeze the cap, citing the partial easing in global oil prices following the ceasefire announcement between the United States of America (U.S.) and the Islamic Republic of Iran and the significant impact of oil prices on the cost of living.
The oil price cap system sets an upper limit on the wholesale prices that refiners can charge gas stations, and the cap is adjusted every two weeks. Since its introduction on September 13, the second round of capped prices was announced on September 27, and the third round applies from the 10th. With the third cap, effective from midnight on the 10th, frozen at the same level as the second, the maximum prices are fixed at 1,934 won per liter for gasoline, 1,923 won for diesel, and 1,530 won for kerosene.
solidkjy@fnnews.com Gu Ja-yoon Reporter