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Fuel price rise slows Sunday amid discussion of price cap system

Published: 08 Mar. 2026, 20:35

Prices are displayed on a gas station in Seoul on March 8. [YONHAP]

Gasoline and diesel prices rose moderately Sunday as the government considers adopting a price cap system amid concerns over rising energy prices following the escalating conflict in the Middle East.

According to data from the Korea National Oil Corp., the nationwide average price of gasoline came to 1,893.3 won per liter, up 3.9 won from the previous day, while diesel rose 4.8 won to 1,915.4 won per liter.

In Seoul, fuel prices also increased, though gains were limited. The average gasoline price in the capital reached 1,944.7 won per liter ($4.83 per gallon), up 3 won from the previous day, while diesel rose 4.9 won to 1,968.2 won.

Compared to the recent daily jumps of tens of won, the rise is significantly slower, suggesting that the government move may be helping temper the upward trend.

Sources said the government began reviewing the possibility of adopting the system after surging global crude prices were reflected almost immediately in domestic fuel prices, following U.S.-Israeli strikes on Iran and Tehran's retaliatory attacks in the region.

Korea, which depends heavily on energy imports, is particularly vulnerable to external price shocks, which often drive inflation.

Yonhap