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South Korean domestic fuel price trends and price caps

Updated 5 times since CLSTR started tracking revisions of this situation.

What changed

2026-10-17 04:25 UTC → 2026-10-23 23:41 UTC · added removed

South Korean domestic fuel prices maintained a consistent downward trend through mid-October late October 2026. By the second fourth week of October, gasoline prices had declined for 22 23 consecutive weeks, with the national average reaching 1,856.6 1,856.1 won per liter. Diesel prices also saw This prolonged decline was influenced by several factors, including the government’s petroleum maximum price system and a slight decrease, averaging 1,842.8 temporary 100 won per liter. Despite liter discount at 226 highway gas stations during the domestic decline, international oil markets faced volatility due to geopolitical tensions Chuseok holiday. International market shifts also played a role; earlier in the Middle East, including attacks on vessels September, a drop in Dubai crude was driven by the Strait restart of Hormuz a Saudi Arabian pipeline and conflicts involving Houthi rebels. These factors kept Brent discussions regarding a phased agreement between the United States and Dubai Iran. However, by late October, geopolitical instability in the Middle East—specifically concerns over supply disruptions following Houthi rebel attacks—pushed crude prices elevated. 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. This policy intervention follows Because international price fluctuations typically impact domestic markets with a period where petroleum product prices rose 14.8% compared to two-to-three-week delay, experts suggest that the previous year, even as consumer inflation slowed to 2.9% recent rise in September. The government noted that crude oil supply remains stable, with import volumes for October and November secured at over 100% of costs may threaten to reverse the previous year’s average. domestic downward trend as early as next month.

Versions

  1. 2026-10-23 23:41 UTC South Korean domestic fuel price trends and price caps
  2. 2026-10-17 04:25 UTC South Korean domestic fuel price trends and price caps
  3. 2026-10-17 01:07 UTC South Korean domestic fuel price trends and price caps
  4. 2026-10-10 01:13 UTC South Korean domestic fuel price decline
  5. 2026-10-03 02:13 UTC South Korean domestic fuel price decline
  6. 2026-09-26 01:17 UTC South Korean domestic fuel price decline

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