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Retail fuel prices in Korea rise for first time in 11 weeks as U.S.-Iran tensions worsen

Published: 22 Feb. 2026, 16:40 Updated: 22 Feb. 2026, 19:54

Retail fuel prices are seen on a board in front of a gas station in Seoul on Feb. 22. [YONHAP]

Retail fuel prices in Korea rose in the third week of February, marking the first increase in 11 weeks. With international gasoline and diesel prices climbing amid tensions between the United States and Iran, the upward trend in domestic fuel prices is expected to continue for the time being.

The nationwide average price of gasoline for the third week of February (Feb. 15 to 19) stood at 1,688.3 won ($1.2) per liter, according to the Korea National Oil Corporation’s oil price information Opinet system. The figure was up 2.0 won from the previous week, marking the first increase since the first week of December last year.

Seoul recorded the highest average gasoline price at 1,750.2 won per liter. The price rose 2.3 won from a week earlier. Daegu posted the lowest average price at 1,649.1 won per liter, up 3.0 won from the previous week.

By brand, SK Energy stations had the highest average gasoline price at 1,696.5 won per liter. Discount gas stations recorded the lowest average price at 1,662.1 won.

The nationwide average price of diesel rose to 1,587.6 won per liter, an increase of 4.6 won from the previous week.

Market observers said the rise in domestic fuel prices reflects increases in the exchange rate and global oil prices.

International oil prices have risen amid geopolitical tensions. Iran partially closed the Strait of Hormuz. and the United States also set a deadline for negotiations with Tehran.

A bike rider is seen refilling their tank at a gas station in Seoul on Feb. 20. [NEWS1]

However, the pace of increase has been limited as nuclear negotiations between Washington and Tehran continue, and volatility in global oil prices could increase depending on the outcome of the talks.

On Thursday, Brent crude futures for April delivery rose 1.9 percent to close at $71.66 per barrel on the ICE Futures Exchange. It was the highest closing price since July 31 last year. On the New York Mercantile Exchange, March West Texas Intermediate crude futures rose 1.9 percent to close at $66.43 per barrel, marking the highest level since Aug. 1 last year.

Changes in international oil prices are typically reflected in domestic fuel prices with a lag of two to three weeks.

“Both the exchange rate and international gasoline and diesel product prices have risen recently,” an official at the Korea Petroleum Association said. “Domestic fuel prices are likely to continue rising this week.”

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 KIM YEON-JOO [[email protected]]