Diesel Prices Top 2,000 Won for First Time in 3 Years and 9 Months as Global Oil Prices Rise

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[The Financial News]  On the 24th, the first day of the fourth oil price cap system, fuel prices continued to rise nationwide, and diesel prices once again climbed above 2,000 won. Pressure on oil prices is persisting amid geopolitical risks from the Middle East.
According to the oil price information system Opinet, the nationwide average diesel price stood at 2,000.1 won per liter as of 9 a.m. on the 24th, up 0.2 won from the previous day.
Diesel prices last exceeded 2,000 won on July 27, 2022, when high oil prices persisted in the wake of the Russia-Ukraine war. That was about 3 years and 9 months ago.
Gasoline prices also kept rising. The nationwide average gasoline price reached 2,006.2 won per liter, up 0.4 won from the previous day. Gasoline had already moved into the 2,000-won range on the 17th.
Prices in Seoul also continued to climb. The average gasoline price at Seoul gas stations rose 0.7 won from the previous day to 2,043.6 won per liter, while diesel increased 0.8 won to 2,030.6 won.
Global oil prices also moved higher. On the 23rd local time, Brent Crude Oil for June delivery on the Intercontinental Exchange (ICE) rose 3.1% from the previous session to $105.07 per barrel. West Texas Intermediate crude oil (WTI) for June delivery on the New York Mercantile Exchange (NYMEX) also gained 3.11% to $95.85.
Since changes in international oil prices are usually reflected at domestic gas stations with a lag of two to three weeks, upward pressure is likely to continue for the time being.
According to the consumer group Energy and Petroleum Market Monitoring Group, average nationwide gasoline and diesel prices rose by 186.8 won and 184.2 won per liter, respectively, during the 14 days after the third oil price cap notice.
Meanwhile, the government froze the fourth oil price cap at the same level as the third. As a result, gasoline will remain at 1,934 won per liter, diesel at 1,923 won, and kerosene at 1,530 won.
solidkjy@fnnews.com Gu Ja-yun Reporter