South Korean gasoline and diesel prices at gas stations continued to hover in the 2,000-won range on a weekly basis.
Data from Yonhap News Agency and the Korea National Oil Corp.’s Opinet system showed that in the fifth week of April (April 26-30), the nationwide average retail price of gasoline rose 4.8 won from the previous week to 2,008.6 won per liter.
By region, Seoul posted the highest price at 2,048 won per liter, up 8.7 won from a week earlier. Daegu was the lowest at 1,993.6 won, up 4.7 won.
The recent rise in international oil prices was attributed to stalled ceasefire talks between the U.S. Donald Trump administration and Iran. A persistently weak won has added to upward pressure on domestic fuel prices.
Domestic fuel prices are influenced not only by global crude prices but also by the exchange rate. In March, Dubai crude jumped 87.9% from the previous month, while the won-dollar exchange rate rose 2.6%, pushing import prices up 16.1% from a month earlier — the highest level in about 28 years since January 1998.
A higher exchange rate raises the won-denominated cost of crude, which is traded in dollars. Over the same period, the won-based crude price hit a record since data collection began, while jet fuel and naphtha prices rose 67.1% and 46.1%, respectively.
Analysts have warned that the combined rise in oil prices and the exchange rate could spread across broader inflation. With the consumer inflation rate in April 2026 in the mid-to-high 2% range, some forecasts say it could climb to around 3% in May if the high exchange-rate trend persists, potentially weakening households’ real purchasing power and adding to living-cost burdens.
* This article has been translated by AI.
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