Pump prices drop below 2,000 won amid easing tensions in Middle East
by Yoo Na-hyunPosted : July 6, 2026, 18:25Updated : July 8, 2026, 08:07
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Gasoline prices are displayed at a gas station in Seoul on July 6, 2026. AJP Yoo Na-hyun
SEOUL, July 6 (AJP) - Pump prices fell to below 2000 won (about US$1.3) this week as international crude oil prices declined amid ongoing talks between Washington and Tehran, following the signing of a memorandum of understanding late last month to end the months-long conflict in the Middle East.
A man fills up his car at a gas station in Seoul on July 6, 2026. AJP Yoo Na-hyun
According to the Korea National Oil Corporation's website Opinet on Monday, the average retail price of gasoline at gas stations nationwide stood at 1,952.1 won per liter in the first week of July, down 55.7 won from the previous week. The average retail price of diesel also fell 58.9 won from a week earlier to 1,942.4 won per liter.
Gasoline prices are displayed at a gas station in Seoul on July 6, 2026. AJP Yoo Na-hyun
The decline was also partly attributed to government measures to cap fuel prices, which helped lower costs.
Gasoline prices are displayed at a gas station in Seoul on July 6, 2026. AJP Yoo Na-hyun
