Gasoline prices at South Korean filling stations are showing signs of moderating as they approach the 2,000 won threshold.
According to Opinet, the Korea National Oil Corporation's price information system, the national average gasoline price stood at 1,893.3 won ($1.42) per liter as of 9 a.m. on Sunday, up 3.9 won from the previous day. Diesel prices, which remain higher than gasoline, rose 4.8 won to 1,915.4 won per liter.
The increases represent a significant slowdown compared to the previous day, when gasoline and diesel prices surged 17.58 won and 23.22 won respectively.
In Seoul, fuel prices continued to climb but at a limited pace. The capital's average gasoline price rose 3.0 won to 1,944.7 won per liter, while diesel increased 4.9 won to 1,968.2 won.
Analysts attribute the easing price momentum to government intervention. Authorities are reviewing maximum price controls on petroleum products for the first time in about 30 years and have launched a joint inter-ministry inspection team.
However, domestic fuel prices are expected to continue rising in the near term, as international crude oil price fluctuations typically take two to three weeks to be reflected at local filling stations.
