Tag: Oil prices

Oil prices

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Government drops gas prices on highways for Chuseok

Korea will lower gasoline and diesel prices by 100 won per liter (26 cents per gallon) at 226 highway stations during the Sept. 24 to 27 Chuseok holiday while also extending nationwide fuel tax cuts and price caps.

2026.9.19

Conflict fuels price hikes

Gas prices rose to their highest in four weeks after U.S. President Donald Trump announced that the United States would reinstate a naval blockade against Iran.

2026.7.14

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Oil, poor harvest push Korea's June inflation rate up 3.2 percent

Consumer prices rose at their fastest pace in two and a half years as oil surged on the Iran war and food costs climbed.

2026.7.2

A man stands with a laptop in front of a large stock market board showing KOSPI, KOSDAQ and USD/KRW figures.

Seoul stocks slip slightly on tech losses, Iran uncertainty

Korean shares edged lower as chipmakers declined and investors stayed wary of renewed U.S.-Iran tensions and higher oil prices.

2026.6.29

Global oil prices plunge, but Korean drivers see little relief

Crude prices have dropped more than 30 percent, but Korean drivers are seeing little relief as supply lags, price controls and Strait of Hormuz risks keep pump prices elevated.

2026.6.21

Airfare fuel surcharges to drop by 20 percent in July

International flight fuel surcharges will fall more than 20 percent in July, cutting round-trip costs by up to 215,000 won as oil prices ease ahead of summer travel.

2026.6.16

Passenger airplanes lined up on a runway at Incheon International Airport with a taxiing aircraft in the foreground.

Cheaper fuel, cheaper flights

As global oil prices fall, airlines prepare to sell tickets subject to less expensive fuel surcharges.

2026.6.16

Fuel prices are displayed at a gas station in Seoul on May 12. [NEWS1]

Oil price cap lift dependent on open Strait, crude lower than $100: Industry Ministry

The government said Thursday it will only lift its oil price cap once the Strait of Hormuz is reopened and international crude prices fall back below $100 per barrel.

2026.5.14

Passengers move to transfer to Line 1 at Seomyeon Station in Busan during the morning rush hour on April 3. [KIM MIN-JU]

Rising oil prices push commuters out of cars and into public transportation

Rising oil prices driven by the Iran war are pushing more people in Korea out of their cars and into public transportation as local governments consider expanding subway and bus services and offering rebates.

2026.4.5

An employee promotes a discount event for cleaning products at a Lotte Mart store in Seoul on March 3. [YONHAP]

Koreans turn to cheaper alternatives, stockpile essentials as living costs rise due to Middle East conflict

The Iran war is beginning to affect daily life in Korea, with people cutting back on spending, turning to cheaper alternatives and stockpiling essentials as living costs rise.