According to the Korea National Oil Corp.’s price information system Opinet, the nationwide average price of gasoline stood at 1,851.9 won ($1.24) per liter as of 9 a.m., down 12.2 won from the previous day.
Diesel prices fell more sharply to 1,856.1 won per liter, down 16.6 won. Diesel remained slightly more expensive than gasoline, though the price gap narrowed significantly.
Domestic fuel prices have been declining since peaking on March 10 following the outbreak of the U.S.-Iran war, according to industry data.
Dubai crude, the benchmark for imported oil in South Korea, rose by $34.6 from the previous week to $123.5 per barrel. International gasoline prices climbed $25.3 to $126.3, while international automotive diesel rose $37.5 to $176.5.
An official from the refining industry said that changes in global oil prices typically take about two to three weeks to be reflected at domestic gas stations, but the recent introduction of the price cap has made it difficult to predict short-term price movements.
Industry sources added that uncertainty among gas station operators is growing as most refiners have yet to announce whether settlement prices will be applied retroactively to Friday, the day the price cap took effect.
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