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Gas prices in Seoul top 1,900 won per liter as gov't mulls crackdown on gouging

Published: 06 Mar. 2026, 12:47 Updated: 06 Mar. 2026, 14:40

A customer fills up a car at a gas station in Seoul on March 5. [YONHAP]

Gas prices in Seoul jumped more than 9 percent in five days to exceed 1,900 won per liter ($4.90 per gallon) on Friday, as the war in the Middle East stoked fears of supply disruptions.

The average gasoline price in Seoul stood at 1,904 won per liter as of Friday morning, up 27.47 won from the previous day, data from Opinet, the Korea National Oil Corporation’s oil price information system, showed.

The nationwide average rose to 1,856.3 won per liter, up 22.02 won from a day earlier.

Weekly average gasoline prices last month held steady at around 1,686 to 1,691 won per liter before rising after U.S.-Israeli strikes on Iran on Saturday escalated tensions in the Middle East.

Analysts attributed the increase to volatility in global oil prices and exchange rates. Demand from motorists rushing to fill up amid uncertainty also contributed to the surge.

The rapid rise suggests domestic fuel prices are responding to market expectations rather than immediate supply costs.

Changes in international oil prices typically take about two weeks to reach domestic gas stations because refiners must import crude oil and then process and distribute it. This time, however, retail prices have increased even before newly imported crude oil has entered the domestic supply chain.

Some consumers have complained that refiners lower prices slowly when global oil prices fall but raise them quickly when they rise.

A source in the refining industry said concerns over a possible blockade of the Strait of Hormuz have intensified competition to secure supplies.

“Demand from consumers trying to fill up as soon as possible after the war broke out has also surged, pushing prices higher,” the source said.

In response, authorities have stepped up pressure on refiners and gas stations, even raising the possibility of setting a cap on fuel prices.

Finance Minister Koo Yun-cheol wrote on X that authorities will "respond thoroughly to unscrupulous behavior that seeks personal gain by excessively raising petroleum prices during a national crisis such as the situation in the Middle East."

“Starting Thursday, multiple ministries will jointly inspect prices at gas stations, and the Industry Ministry will swiftly push to designate reasonable maximum prices by fuel type and region,” he added.

Gas and diesel prices are displayed at a sign at a gas station in Jeju on March 6. [YONHAP]

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]]