Due to the tense Middle East situation, Seoul gasoline prices surpass 2,000 won

MaticHoleFiller · 2026-04-11T17:16:33+00:00

Due to global supply disruptions, Seoul's average gasoline price broke through 2,000 won per liter on Tuesday, reaching a new high in 2022. Diesel prices also increased, while South Korea implemented a fuel price cap measure to respond to market fluctuations.

MaticHoleFiller

2026-04-11 17:16:33

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Driven by disruptions in global supply, fuel costs have risen, with the average gasoline price in Seoul exceeding 2,000 won per liter (1.32 USD) on Tuesday, reaching the highest level since mid-2022.

According to data from Opinet, a fuel price monitoring system operated by Korea National Oil Corporation, as of 9:30 a.m. Tuesday, the average gasoline price in Seoul was 2,000.27 won per liter, up 9.88 won from the previous day.

Diesel prices have also increased; the average price rose by 11.6 won per liter to 1,979.6 won.

This is the first time the average gasoline price in Seoul has broken through the 2,000-won-per-liter threshold since July 25, 2022, when oil prices surged sharply due to the Russia-Ukraine conflict.

About 70% of South Korea’s crude oil imports come from the Middle East, most of which are transported via the Strait of Hormuz. With the risk that this key shipping route may be disrupted amid the Iran conflict, South Korea has been implementing oil price cap measures since March 13.

The price cap measure sets a maximum price for wholesale transactions of petroleum products rather than retail prices at gas stations. It is adjusted every two weeks to reflect changes in global oil prices and supply conditions. The third round of price caps will be announced on Friday.

Since the outbreak of the conflict, all 28 fuel-carrying ships of South Korea have been stuck in the Strait of Hormuz.

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Responsible editor: He Yun

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