Seoul: Gasoline and diesel prices rose moderately Sunday as the government considers adopting a price cap system amid concerns over rising energy prices following the escalating conflict in the Middle East.
According to Yonhap News Agency, data from the Korea National Oil Corp. revealed that the nationwide average price of gasoline reached 1,893.3 won (US$1.27) per liter, reflecting an increase of 3.9 won from the previous day. Diesel prices also saw an uptick, rising 4.8 won to 1,915.4 won per liter.
In Seoul, fuel prices experienced similar trends, though the increases were less pronounced. The average gasoline price in the capital rose to 1,944.7 won per liter, up by 3 won from the previous day, while diesel saw a 4.9 won increase, reaching 1,968.2 won per liter.
Compared with the recent daily jumps of tens of won, the rise is significantly slower, suggesting that the government's potential move may be helping to temper the upward trend in fuel prices.
Sources indicated that the government began evaluating the possibility of implementing a price cap system after surging global crude prices quickly impacted domestic fuel costs. This development followed U.S.-Israeli strikes on Iran and Tehran's retaliatory actions in the region.
South Korea, which relies heavily on imported energy, is particularly susceptible to external price shocks that often drive inflation.
Source: Yonhap News Agency