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Seoul gas prices climb above $1.20 for first time in nine months

Published: 18 Nov. 2025, 18:11 Updated: 18 Nov. 2025, 18:28

Fuel price information is posted at a gas station in Seoul on Nov. 16. [NEWS1]

Gasoline prices in Seoul have climbed to above 1,800 won ($1.20) per liter (0.26 gallons) for the first time in nine months.

The average retail gasoline price at gas stations in Seoul stood at 1,801.28 won per liter as of 5 p.m. on Tuesday, up 4.55 won from the previous day, according to Opinet, the Korea National Oil Corporation's oil price information service. It is the first time since Feb. 6 — when the price hit 1,800.84 won — that Seoul’s gasoline price has risen above the 1,800-won level.

Seoul has the highest gasoline prices in the country. The nationwide average stood at a slightly lower 1,730.27 won per liter on Tuesday, up 4.26 won from a day earlier. Diesel prices in Seoul went up 5.29 won from Monday to reach 1,709.56 won, while the nationwide average rose 5.58 won to 1,637 won.

Domestic fuel prices have been rising for three consecutive weeks, driven by a rebound in international refined product prices — as winter approaches — and a weaker won, which has increased the cost of imported crude.

A decrease in the government’s fuel tax has also contributed to higher consumer prices. Since October, the government has lowered the gasoline tax cut rate from 10 percent to 7 percent and the diesel and liquefied petroleum gas cut rate from 15 percent to 10 percent. With the reduced tax benefit, gasoline and diesel prices have faced upward pressure of about 25 won and 29 won per liter, respectively.

Oil prices are seen on a display board at a gas station in Seoul on April 9. International oil prices fell to their lowest level in four years on April 8 due to an economic downturn caused by the escalating trade war. [YONHAP]

Industry insiders expect domestic fuel prices to continue rising unless global oil prices show a clear reversal. At the current pace, Seoul gasoline prices are on track to surpass this year's high of 1,807.96 won, recorded on Jan. 28.

“International oil prices are rising sharply due to increased winter heating demand and supply instability in refined products,” a spokesperson for the Korea Petroleum Association said. “A strong oil market is likely to continue for the time being.”

Rising fuel costs are a major driver of consumer inflation and impact sectors such as logistics. In response, the Ministry of Trade, Industry and Resources held a “petroleum market review meeting” with industry representatives last Thursday, asking for voluntary cooperation to prevent excessive price hikes in oil products.

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
BY AHN HYO-SEONG [[email protected]]