South Korea Gasoline Price Rise Eases as Middle East Ceasefire Uncertainty Looms

According to Opinet, the Korea National Oil Corporation’s oil price information system, the national average retail gasoline price at gas stations stood at 2,011.61 won per liter as of 4 p.m. on May 13, down 0.24 won from the previous day. Seoul’s average gasoline price also fell 0.50 won to 2,051.56 won. Domestic fuel prices, which had surged after the Middle East war, are showing signs of stabilization as the government continues to freeze maximum petroleum prices. Current supply caps are 1,934 won for gasoline, 1,923 won for diesel, and 1,530 won for kerosene. However, international oil prices rose more than 3% as uncertainty over U.S.-Iran ceasefire negotiations increased. Future domestic fuel prices are expected to depend on Middle East developments and government policy. Source: rss.donga.com