"Gasoline Prices Drop at Gas Stations"...Oil Price Ceiling Leads to Decline in First Week

Gasoline at 1,829.3 Won, Diesel at 1,828.0 Won
International Oil Price Fluctuations Reflected with a 2–3 Week Lag
Further Price Increases Expected

In the first week of the implementation of the oil price ceiling system, gasoline prices at gas stations across the country fell.

According to Opinet, the oil price information system of Korea National Oil Corporation, the average retail price of gasoline at gas stations nationwide for the third week of March (March 15–19) dropped by 72.3 won per liter compared to the previous week, reaching 1,829.3 won per liter.

On the first day of implementing the petroleum price ceiling system, March 13, Kim Jung-kwan, Minister of Trade, Industry and Energy, visited a gas station in Mapo, Seoul, to conduct an on-site inspection. 2026.03.13 Photo by Dongju Yoon

The average retail price of diesel fell by 96.5 won to 1,828.0 won per liter, showing a greater decrease than gasoline.

By region, gasoline prices in Seoul were the highest at 1,865.4 won per liter, a decrease of 85.4 won compared to the previous week, while Daejeon recorded the lowest price at 1,804.9 won per liter, down by 114.0 won.

By brand, SK Energy gas stations had the highest average price at 1,835.3 won per liter, while self-service gas stations had the lowest at 1,807.5 won per liter.

This week, international oil prices surged as tensions in the Middle East continued. Dubai crude oil, which serves as the benchmark for imported crude prices, rose by 30.4 dollars from the previous week to 158.3 dollars.

International gasoline prices increased by 14.3 dollars to 142.7 dollars, while automotive diesel rose by 23.5 dollars to 203.1 dollars.

Meanwhile, the government will announce the maximum price on March 27 in accordance with the oil price ceiling system. Given that fluctuations in international oil prices are typically reflected in domestic gas station prices with a lag of about two to three weeks, there are observations that a price increase is inevitable.

Previously, Vice Minister of Trade, Industry and Energy Moon Sinhak appeared on CBS Radio's "News Show with Park Sungtae" and said, "Even under the price ceiling system, we have introduced a system that reflects increases in international and oil product prices every two weeks." He added, "A significant portion of the increase in product prices is reflected with a two-week lag. Since the system requires each economic entity to share the burden, we ask for your understanding in advance that price increases are unavoidable."

The government is also considering the introduction of energy-saving policies such as the five-day and ten-day vehicle operation restrictions, and the timing of implementation will be determined after various reviews.

This content was produced with the assistance of AI translation services.