A sign at a gas station in Seoul shows gasoline priced at 1,970 won ($1.34) per liter, lower than diesel at 2,050 won per liter, Friday. Real-time data from the Korea National Oil Corp.’s Opinet website showed that as of 5 p.m. Friday, the nationwide average price of diesel was 1,887.38 won per liter, while gasoline averaged 1,871.83 won per liter. Yonhap
Korea is witnessing a rare reversal in fuel pricing amid the widening U.S.-Israel war on Iran, with diesel now costing more than gasoline at many domestic gas stations despite benefiting from lower fuel taxes.
Real-time data from the Korea National Oil Corp'.s Opinet website showed that as of 5 p.m. Friday, the nationwide average price of diesel was 1,887.38 won ($1.28) per liter, while gasoline averaged 1,871.83 won per liter.
The website showed the price trend in 10 of 17 municipalities and regions, including Seoul, Incheon, Ulsan and Gyeonggi Province.
The trend emerged in the wake of the U.S.-Israeli military strikes on Iran on Feb. 28, reflecting the limits of Korea’s tax policy in favor of diesel amid a global tightening of the fuel’s supply, according to industry officials.
They noted that diesel had long been sold at a lower price than gasoline in Korea, supported by a policy that levies 240 won less in tax per liter.
The policy is aimed at curbing fuel consumption by ordinary drivers who mostly use gasoline-powered vehicles, thereby helping to reduce greenhouse gas emissions.
The policy extends to commercial and public vehicles, along with industrial machinery, all powered by diesel.
Industry officials said diesel’s lower price than gasoline was unusual in global fuel markets, where it typically trades at a premium due to more complex refining and stronger demand.
They explained that gasoline is extracted from crude oil at temperatures between 30 and 140 degrees Celsius, while diesel is produced at 250 to 350 degrees Celsius.
Source: Korea Times News
