Gasoline Prices Keep Rising Despite Third Price Cap...Seoul Gasoline at 2,024 Won

According to The Financial News, domestic fuel prices at gas stations continued to rise on the 11th, the second day of the third phase of the oil price cap system. However, the pace of increase slowed somewhat compared with the previous day.
Data from Opinet, the national oil price information system, showed that as of 9 a.m. on the 11th, the average gasoline price at gas stations nationwide was 1,990.7 won per liter, up 1.8 won from the previous day. Diesel rose 1.5 won to 1,984.2 won per liter.
In Seoul, the increase was relatively smaller than the national average. The city’s average gasoline price stood at 2,024.0 won per liter, up 1.3 won from the previous day, while diesel climbed 1.0 won to 2,009.6 won per liter.
Compared with the same time the previous day, when nationwide gasoline and diesel prices rose 2.6 won and 2.9 won respectively, the upward trend has eased somewhat. Seoul also saw a smaller gain than the previous day, when gasoline rose 1.5 won and diesel 2.8 won.
The government introduced the first phase of the oil price cap system, which sets an upper limit on the wholesale prices refiners can charge gas stations, on the 13th of last month. The second phase began on the 27th of the same month, followed by the third phase on the 10th of this month. Under the third phase, the caps remain unchanged from the second: 1,934 won per liter for gasoline, 1,923 won for diesel, and 1,530 won for kerosene.
Officials explained that the cap was frozen in light of recent volatility in international oil prices and concerns over the cost of living.
International oil prices edged down. On the 10th (local time), June delivery Brent Crude Oil closed at 95.20 dollars per barrel, down 0.72 dollars from the previous session, while May delivery West Texas Intermediate crude oil (WTI) fell 1.30 dollars to 96.57 dollars per barrel. Changes in international oil prices are typically reflected in domestic gas station prices with a lag of about two to three weeks.


425_sama@fnnews.com Choi Seung-han Reporter