South Korea freezes petroleum ceiling prices amid Middle East tensions

South Korean domestic fuel prices have continued a downward trend for 22 consecutive weeks. According to the Korea National Oil Corporation's Opinet system, the average gasoline price nationwide for the second week of October was 1,856.6 won per liter, a decrease of 0.9 won from the previous week. Diesel averaged 1,842.8 won per liter, down 0.5 won.

Despite rising international crude oil prices driven by heightened tensions in the Middle East—including attacks on vessels in the Strait of Hormuz and conflicts involving Houthi rebels—the South Korean government has decided to freeze the 11th petroleum ceiling price. Effective from October 17 for four weeks, the ceiling prices will remain at 1,784 won per liter for gasoline, 1,773 won for diesel, and 1,380 won for kerosene.

The Ministry of Trade, Industry and Energy stated that the decision aims to alleviate the cost-of-living burden on citizens, noting that while overall consumer inflation has slowed, energy prices rose 14.8% year-on-year in September. The government confirmed that crude oil supply remains stable, with import volumes for October and November secured at over 100% of the previous year's average.