President Lee Jae Myung speaks during a Cabinet meeting at Cheong Wa Dae in Seoul, Thursday. Yonhap
The government is planning to take strict action against gasoline price gouging, as domestic fuel prices have surged amid escalating tensions in the Middle East.
Speaking at a Cabinet meeting on Thursday, President Lee Jae Myung condemned the sharp rise in retail gasoline prices, warning that attempts to exploit a national crisis for profit will not be tolerated. In line with the president’s directive, the government is reviewing a price ceiling that would prevent gas stations from raising prices beyond a designated level.
“Objectively, there has not been a serious disruption to global oil supplies, yet prices suddenly skyrocketed,” Lee said. “I’ve heard that prices differ between morning, afternoon and evening, and that some gas stations have raised prices by nearly 200 won per liter ... It appears some are trying to profit from a national crisis with little regard for the hardships of others.”
He added that while it is understandable that concerns over potential disruptions to the global oil supply have pushed international crude prices higher, the sudden surge in retail fuel costs here appears excessive because these factors have not yet had a tangible impact on domestic supply conditions.
Typically, fluctuations in global oil prices are reflected in Korea’s retail fuel prices with a two- to three-week lag, but the current spike came almost immediately.
According to the Korea National Oil Corp.’s Opinet fuel price information system, the national average gasoline price stood at 1,807.1 won ($1.23) per liter as of 10 a.m. on Thursday, up 29.6 won from the previous day. In Seoul, the average gasoline price rose to 1,874.4 won per liter, a jump of 31.8 won in a day.
It marks the first time since August 2022 that the nationwide average price of gasoline has exceeded 1,800 won per liter.
Diesel prices have also risen sharply. The national average diesel price increased 56.5 won in a single day to 1,785.3 won per liter, while the Seoul average climbed 61.4 won to 1,865.4 won.
A driver refuels a vehicle at a gas station in Seoul, Thursday. Yonhap
Source: Korea Times News
