Gas price surge takes toll on truck drivers

The recent surge in gas prices has slowed, but prices still hover near six-year highs, placing a heavy burden on truck drivers amid tensions in the Middle East.

As of Sunday morning, South Korea’s average diesel price rose 4.8 won from the previous day to 1,915.4 won ($1.29) per liter, while average gasoline prices increased 3.9 won to 1,893.3 won, according to industry data.

The pace of increases has slowed significantly compared with recent days, when prices had been rising by several dozen won per day. Analysts say the upward trend appears to be easing somewhat amid the government’s stern warnings and weakening demand.

Over the past two weeks, the average diesel price has risen about 20 percent from the Feb. 27 price of 1597.24 won. On Saturday, the figure surpassed 1,900 won per liter for the first time in three years and six months since Aug. 12, 2022, when it reached 1,902.96 won.

Gasoline prices are also nearing the 1,900 won mark. If they surpass that level, it would be the first time in three years and seven months.

The price surge is already taking a toll on truck drivers. With freight rates remaining unchanged, many say their monthly fuel costs have risen by over 1 million won, leaving them to absorb the additional burden.

A truck driver surnamed Baek told Yonhap News Agency that fuel prices, which were around 1,500 won per liter a week ago, had risen to 1,940 won as of Saturday.

“If my monthly sales are about 15 million won, around 5 million won already goes to fuel,” he said. “This month, fuel costs alone will increase by another 1.2 million won. That additional 1.2 million won will reduce my profit, making it very difficult to support a four-member family,” he added.

President Lee Jae Myung said during a Cabinet meeting Thursday that gas prices had surged even though oil supplies were not seriously disrupted. He ordered authorities to consider designating a maximum price for petroleum products.

The following day, Lee also called for a stern response against “antisocial acts” seeking excessive profits by exploiting the public’s hardship, referring to what he described as “gas price rip-offs.”

Following Lee’s remarks, the government began cracking down Friday on unfair trade practices such as illegal oil trading, market cornering and the sale of fake or mixed oil. Authorities also decided to urgently secure about 6 million barrels of crude oil from the United Arab Emirates to stabilize the energy supply.

Major global oil benchmarks, including Brent crude and West Texas Intermediate, climbed above $90 per barrel at Friday’s close, reaching their highest levels this year. Fluctuations in international oil prices typically take about two to three weeks to be reflected at domestic gas stations, meaning the upward trend in local fuel prices is likely to continue in the near term.