On the third day of implementing the “maximum oil price system,” by March 15th, some gas stations have seen gasoline prices drop below 1,800 won per liter. Nationwide, including major stations in Seoul, the average gasoline price has settled in the 1,800 won range, showing a downward trend.
According to the Korea National Oil Corporation’s price information service, Opinet, on March 15th, the average selling price of gasoline at gas stations across the country was approximately 1,842 won per liter. Although prices vary by region, some stations are in the high 1,700 won range. This is more than 60 won lower than the peak recorded on March 10th, just before the price system was implemented. The price inversion between diesel and gasoline is also being resolved as diesel prices, with a cap at 1,713 won per liter, stabilize around 1,843 won.
As the government restricts refinery supply prices, price decreases are led by directly managed and affordable gas stations that quickly deplete their inventory. Gas stations in high-rent areas like Jongno-gu and Jung-gu in Seoul, which had prices exceeding 2,000 won, have begun to adjust to the high 1,800 won range.
Meanwhile, the international oil market continues its upward trend due to escalating geopolitical tensions in the Middle East. As of the 15th, Dubai crude oil, an indicator for imported crude, increased by 3.91% to 127.86 dollars per barrel. WTI (West Texas Intermediate) and Brent crude also rose to 98.71 dollars and 103.14 dollars respectively.