Fuel prices at gas stations in South Korea have surged sharply, with the nationwide average gasoline price surpassing 1,800 won per liter.

According to the Korea National Oil Corporation’s Opinet system on March 5, the average gasoline price at domestic gas stations reached about 1,807 won per liter, rising nearly 30 won from the previous day.

Seoul recorded the highest prices nationwide. The average gasoline price in the capital climbed to around 1,870 won per liter, increasing by more than 30 won compared with the previous day.

Diesel prices are also rising rapidly. The national average diesel price jumped to the 1,780-won range, while Seoul exceeded 1,860 won per liter.

The surge is largely attributed to rising international oil prices amid escalating geopolitical tensions in the Middle East. Concerns over possible disruptions to crude oil supply have pushed global oil prices higher.

Normally, changes in international oil prices are reflected in domestic fuel prices with a lag of two to three weeks. However, the recent geopolitical risks have caused prices at local gas stations to rise more quickly.

Analysts say domestic fuel prices could remain volatile if global oil prices and exchange rates continue to fluctuate.

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