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6 clusters · 12 sources · 56 days · First seen · Last updated

South Korean domestic fuel price trends and price caps

Overview

South Korean domestic fuel prices maintained a consistent downward trend through late October 2026. By the fourth week of October, gasoline prices had declined for 23 consecutive weeks, with the national average reaching 1,856.1 won per liter.

This prolonged decline was influenced by several factors, including the government’s petroleum maximum price system and a temporary 100 won per liter discount at 226 highway gas stations during the Chuseok holiday. International market shifts also played a role; earlier in September, a drop in Dubai crude was driven by the restart of a Saudi Arabian pipeline and discussions regarding a phased agreement between the United States and Iran. However, by late October, geopolitical instability in the Middle East—specifically concerns over supply disruptions following Houthi rebel attacks—pushed crude prices toward $100 per barrel.

To mitigate the burden of rising living costs, the Ministry of Trade, Industry and Energy announced a freeze on the 11th petroleum maximum price for four weeks, effective October 17. The frozen rates are set at 1,784 won for gasoline, 1,773 won for diesel, and 1,380 won for kerosene. Because international price fluctuations typically impact domestic markets with a two-to-three-week delay, experts suggest that the recent rise in crude oil costs may threaten to reverse the domestic downward trend as early as next month.

Entities

GS Caltex · Korea National Oil Corporation · South Korea · Opinet · Ministry of Trade, Industry and Energy

Timeline

  1. [BUSINESS] 3 sources
    Fuel prices in South Korea and the US face pressure from rising crude oil costs

    While gasoline prices in South Korea and the US have recently dipped, rising international crude oil costs driven by Middle East instability threaten to push fuel prices higher soon.

  2. [BUSINESS] 4 sources
    South Korea freezes petroleum ceiling prices amid Middle East tensions

    South Korea has frozen its petroleum ceiling prices for four weeks to stabilize living costs despite rising international oil prices caused by Middle East tensions.

  3. [BUSINESS] 5 sources
    South Korean gasoline prices fall for 21st consecutive week

    South Korean gasoline prices fell for the 21st consecutive week, averaging 1,857.6 won per liter in the first week of October despite geopolitical tensions in the Middle East.

  4. [BUSINESS] 5 sources
    South Korean fuel prices decline for 20 consecutive weeks

    South Korean gasoline and diesel prices have fallen for 20 consecutive weeks, following a decline in international crude prices due to improved Middle Eastern supply.

  5. [BUSINESS] 4 sources
    South Korean gasoline prices fall for 19th consecutive week

    South Korean gasoline prices have fallen for 19 straight weeks, aided by government price controls, holiday discounts at highway stations, and a significant drop in international crude oil prices.

  6. [BUSINESS] 5 sources
    South Korean fuel prices decline for 15th consecutive week

    South Korean gasoline and diesel prices have fallen for 15 consecutive weeks, with average gasoline prices reaching 1,861.3 won per liter during the fourth week of August.

Sources

autotribune.co.kr · biz.heraldcorp.com · dailymagazine.co.kr · hellot.net · hidomin.com · imaeil.com · jnilbo.com · mbn.co.kr · newstomato.com · tfmedia.co.kr · tokenpost.kr · womennews.co.kr

This summary has been updated 5 times: see revision history