According to Opinet, the state-run fuel price information system, the nationwide average price of gasoline stood at 1,849.7 won ($1.23) per liter as of 9 a.m. on Saturday, up 10.9 won from the previous day. Diesel prices also climbed 9.6 won to 1,844.1 won per liter, extending the upward trend in fuel costs.
The increase was particularly pronounced in Seoul. The average gasoline price in the capital surged 24.9 won in a single day to 1,890.5 won per liter, while diesel rose 18.6 won to 1,872.1 won.
Prices had already jumped sharply on Friday, the first day of the price cap. The nationwide average gasoline price rose 19.4 won to 1,838.8 won, while diesel increased 18.8 won to 1,834.6 won.
The government set the new price ceilings at 1,934 won per liter for regular gasoline, 1,923 won for diesel used in vehicles and ships, and 1,530 won for kerosene. The caps were raised by 210 won across all fuel types from the previous caps introduced in July.
Market observers say the higher caps are feeding directly into retail prices at gas stations. When the earlier price cap was introduced in July, pump prices were about 100 won higher than refinery supply prices, raising the possibility that the nationwide average gasoline price could soon exceed 2,000 won per liter if the current trend continues.
The record-high weekly average gasoline price nationwide was 2,137.7 won per liter, recorded in the fifth week of June 2022. Given the recent upward momentum and inflationary pressures, analysts say the record could be challenged again.
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