Seoul Gasoline Prices Surpass 2,000 Won Amid Rising Oil Costs

The average gasoline price in Seoul has exceeded 2,000 Korean won per liter for the first time in three years and eight months. According to the oil price information system Opinet, the average price in the capital rose 9.9 won from the previous day to reach 2,000.3 won per liter as of 9 a.m. On April 7, 2026.

This milestone marks the first time Seoul’s gasoline prices have hit this threshold since July 25, 2022, when prices reached 2,005 won amid the aftermath of the Russia-Ukraine war.

Geopolitical Risks and International Price Pressure

The surge in domestic fuel costs is attributed to growing geopolitical uncertainty and instability in international oil prices. Specifically, market volatility is tied to a negotiation deadline between the U.S. And Iran scheduled for the afternoon of April 7, 2026.

Brent and West Texas Intermediate (WTI) crude oils have been trading at approximately $110 per barrel due to the possibility of a U.S. Military strike if an agreement is not reached by the deadline.

The impact of these international fluctuations typically reaches local retail prices with a time lag of two to three weeks, leading market experts and consumer groups to believe the current upward trend will persist for the time being.

National Trends and Regional Variations

While Seoul has now crossed the 2,000 won mark, other regions are following a similar trajectory. The Jeju area was the first in the country to surpass the 2,000 won threshold, recording 2,019.2 won per liter on April 7, 2026.

The national average gasoline price rose 6.4 won from the previous day to 1,964.7 won per liter. Diesel prices have also continued to climb, reaching 1,955.6 won per liter on the same day.

Prior to this peak, gasoline prices in Seoul had been rising steadily through March. On March 31, 2026, the average price in Seoul was 1,943 won per liter, while the nationwide average was 1,892.7 won per liter.

Impact of the Second Oil Price Ceiling System

The price surge comes despite the implementation of the second oil price ceiling system, which began on March 31, 2026. The average gasoline price in Seoul has risen for 12 consecutive days following the start of this system.

The combination of geopolitical risks and the effects of the price ceiling system has created significant pressure on gas stations. Some stations have reported running out of inventory, and others have faced losses through deficit sales.

Industry data indicates that gasoline prices in Seoul rise more significantly than in other regions because rent and labor costs account for a higher proportion of operating expenses in the capital.

Analysts suggest it is only a matter of time before the national average gasoline price also enters the 2,000 won range, given the current trajectory of international crude prices and the lag in domestic retail adjustments.