Average gasoline prices in Seoul surpassed 2,000 won ($1.32) per liter Tuesday, reaching their highest level since mid-2022, as global supply disruptions pushed fuel costs higher.

A price board at a gas station in the southern island of Jeju shows gasoline at 2,040 won, diesel at 1,999 won and kerosene at 1,650 won on Monday. (Yonhap)
A price board at a gas station in the southern island of Jeju shows gasoline at 2,040 won, diesel at 1,999 won and kerosene at 1,650 won on Monday. (Yonhap)

According to Opinet, a fuel price monitoring system operated by the state-run Korea National Oil Corp., the average gasoline price in Seoul stood at 2,000.27 won per liter as of 9:30 a.m. Tuesday, up 9.88 won from the previous day.

Diesel prices also rose, gaining 11.6 won to reach an average of 1,979.6 won per liter.

This marks the first time Seoul’s average gasoline price per liter has exceeded the 2,000-won threshold since July 25, 2022, when prices surged following the Russia-Ukraine war.

South Korea, which imports about 70 percent of its crude oil from the Middle East — much of it via the Strait of Hormuz — has implemented oil price caps since March 13, as the vital shipping route faces disruptions amid the Iran war.

The caps, which set maximum prices for wholesale transactions of petroleum products rather than retail prices at gas stations, are adjusted every two weeks to reflect changes in global oil prices and supply conditions. A third round is scheduled to be announced Friday.

All 28 South Korean vessels carrying fuel have remained stranded in the Strait of Hormuz since the conflict began.


milaya@heraldcorp.com