South Korea's average retail gasoline price fell to 1,987 won per litre, dropping below the 2,000-won threshold for the second consecutive day [1].
This decline provides potential relief for motorists amid ongoing economic pressures, though regional variations persist as prices in Seoul remain higher at 2,025 won per litre [1].
Data from the Korea Petroleum Corporation indicates that average weekly prices for both gasoline and diesel have decreased for four consecutive weeks [5]. The average price for diesel was reported at 1,978 won per litre [3].
Industry officials said the current trend is driven by a combination of falling international oil prices and the impact of the seventh oil-price ceiling policy [4]. However, the pace of the decline is tempered by high-cost stockpiles purchased previously and geopolitical tensions in the Middle East, factors that delay the full perception of price drops for consumers [4].
Refinery industry officials said they expect the nationwide average gasoline price to drop further into the mid-to-late 1,900-won range within the next two to three weeks [2].
This pricing movement follows a period of volatility. Previous data from the second week of June 2024, specifically June 7-11, also showed a downward trend in weekly averages [6].
“Average gasoline price at 4 p.m. yesterday was 1,987 won per litre.”
The gradual decline in South Korean fuel prices reflects a lag between international market drops and domestic retail adjustments. While government policy and global price trends are pushing costs down, the reliance on previously purchased high-cost inventories means consumers will not see immediate or drastic relief. The situation highlights the vulnerability of the domestic market to Middle East geopolitical instability, which can offset the benefits of price-ceiling policies.
