Gasoline Prices Surpass 2,000 Won as Fuel Costs Continue to Soar

On the 22nd, with only one day left before the expiration of the third oil price cap scheme (a policy to stabilize oil prices), domestic average gasoline prices rose again, reaching 2,004.70 won per liter. According to the Korea National Oil Corporation's Oil Price Information System, Opinet, the average gasoline price at gas stations nationwide increased by 0.89 won from the previous day as of 3 PM. Diesel prices also climbed to 1,998.71 won per liter, up 1.02 won from the day before. On the same day, the average gasoline price in Seoul reached 2,041.31 won per liter, and diesel prices hit 2,028.03 won per liter, showing a rising trend across regions.

Prime Minister Kim Boo-kyum stated on the 22nd that the government would carefully consider and decide whether to implement a fourth oil price cap scheme. The Korea Development Institute (KDI), a state-run research institution, analyzed that the oil price cap scheme had the effect of lowering March consumer prices by up to 0.8 percentage points.

According to the Korea Exchange on the 22nd, domestic gold prices rose to 225,780 won per gram, an increase of 0.01% (30 won) from the previous trading day.

The ruling party and the government have decided to expedite the disbursement of a 670 billion won project to support the difference in naphtha import prices.