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South Korean Gas Prices Drop for 16th Consecutive Week Amid Global Market Volatility
Energy Minerals · Oil Refining/Marketing · yonhap_finance · 2026-09-04
Domestic fuel prices in South Korea continued their 16-week downward trend, though rising international oil prices pose a risk to future stability.
What Happened
Domestic Price Trends: Fuel prices at gas stations across South Korea have declined for 16 straight weeks. As of the first week of September, the average price of gasoline fell to 1,860.2 KRW per liter, while diesel prices dropped to 1,844.5 KRW.
Regional and Brand Variations: Price discrepancies remain across the country, with Seoul recording the highest average prices and Daegu the lowest. Among major brands, GS Caltex stations reported the highest prices, whereas budget-friendly 'Altteul' gas stations offered the lowest rates.
International Market Impact: Global oil prices have surged recently due to escalating tensions between the U.S. and Iran, raising concerns over potential supply chain disruptions in the Strait of Hormuz. Dubai crude and international refined product prices have seen significant upward movement.
Government Policy: To mitigate the impact of global volatility on domestic inflation, the South Korean government continues to enforce price ceilings on petroleum products. As international price changes typically take 2-3 weeks to reach local pumps, the market is closely monitoring the potential for a reversal in the current downward trend.