Average gasoline prices in South Korea have fallen below 2,000 KRW per liter, reaching approximately 1,987 KRW [1].
This price shift provides immediate relief to consumers after a period of sustained high costs. However, the pace of the decline may vary by region and the speed at which oil companies process existing inventories.
Regional data shows that prices remain higher in the capital, where the price in Seoul is reported at 2,025 KRW per liter [1]. Diesel prices have also seen a decrease, with the average price per liter sitting at 1,978 KRW [1]. This trend follows a period of four consecutive weeks of price declines [2].
Industry experts attribute the downward trend to a combination of falling international oil prices and a recent reduction in the oil price cap. Jo Jang, representing the oil industry, said the industry expects the nationwide average gasoline price to drop further into the mid-to-late 1,900 KRW range within the next two to three weeks [1].
Despite the general decline, some factors may slow the rate at which consumers see these changes at the pump. High-cost stockpiles currently held by refineries and ongoing tensions in the Middle East could delay the full impact of international price drops on the domestic market [1].
An anchor for YTN said domestic gas station average prices are showing a gradual downward trend as they slip below the 2,000 KRW mark [1].
“Average gasoline prices in South Korea have fallen below 2,000 KRW per liter.”
The dip below the 2,000 KRW psychological threshold signals a shift in the domestic energy market, though the lag between international price drops and pump prices remains a point of friction. Because refineries operate on a delayed inventory system, the full benefit of falling global crude prices typically takes several weeks to reach the consumer, a process currently complicated by geopolitical instability in oil-producing regions.
