▲ A fuel price information board at a gas station in Seoul
As international oil prices stabilize following a ceasefire agreement between the United States and Iran, domestic diesel prices have fallen below the 2,000 won per liter mark for the first time in two months.
According to Opinet, the fuel price information service operated by the Korea National Oil Corporation, the average retail price of diesel at gas stations nationwide was recorded at 1,999.97 won per liter as of 4:00 p.m. today (June 24).
This marks the first time the national average diesel price has dropped below 2,000 won since April 24.
At that time, diesel prices had surpassed the 2,000 won threshold for the first time in approximately 3 years and 9 months, following a period of high prices driven by the Russia-Ukraine war that began on July 27, 2022.
Since April, the national average diesel price had remained above the 2,000 won level due to geopolitical instability in the Middle East and rising international oil prices.
Recently, however, international oil prices have been on a downward trend as tensions between the U.S. and Iran have eased and expectations for a ceasefire have spread, leading to a stabilization in domestic petroleum product prices.
As of the same time today, the national average price for gasoline was recorded at 2,007.3 won.
Although it remains above the 2,000 won mark, it is expected that gasoline prices will also fall below 2,000 won in the near future.
(Photo: Yonhap News)
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