Business · Energy & Commodities · 3 hrs ago
South Korean Fuel Price Declines May End as Global Oil Prices Rise
South Korean petrol prices fell for a 24th straight week, reaching an average of 1,855.7 won per litre in the week of October 25 to 29.
The drop was just 0.4 won per litre, and petrol remained above 1,900 won in Seoul.
Diesel also fell by 0.4 won per litre, to an average of 1,842.1 won.
Global oil and petrol prices rose, amid supply concerns after Houthi attacks on major oil facilities in Saudi Arabia.
International price changes usually take two to three weeks to affect South Korean pump prices, so the long decline could soon end if recent petrol price rises pass through.
The government is maintaining a price cap, setting maximum prices of 1,784 won per litre for petrol and 1,773 won for diesel.
South Korean petrol prices fell for a 24th consecutive week, but rising international oil prices could soon end the decline.
In the fourth week of October, the average petrol price was 1,855.7 won per litre, down 0.4 won from the previous week.
The average diesel price fell by the same amount, to 1,842.1 won per litre.
Dubai crude rose by 2.6 dollars per barrel to 114.8 dollars, while international petrol prices rose by 5.1 dollars to 139.2 dollars per barrel.
International price changes usually affect South Korean pump prices after a delay of about two to three weeks.
- Who
- South Korean drivers and fuel retailers are affected.
- What
- Petrol and diesel prices fell for a 24th week, but rising global oil prices could halt the declines.
- When
- The figures cover the fourth week of October, from October 25 to 29, 2026.
- Where
- At fuel stations across South Korea.
- Why
- Global oil prices rose amid supply concerns after Houthi attacks on major Saudi oil facilities; international price changes usually reach local pump prices after two to three weeks.
This story does not have two clearly opposing sides.
Fuel prices at South Korean service stations continued to decline.
Average petrol and diesel prices each fell by 0.4 won per litre from the previous week.
Dubai crude and international petrol prices rose, while international automotive diesel prices fell.
Global oil price movements are usually reflected in South Korean service station prices.
- Average petrol price
- 1,855.7 won per litre
- Average diesel price
- 1,842.1 won per litre
- Dubai crude
- 114.8 dollars per barrel, up 2.6 dollars
- International petrol
- 139.2 dollars per barrel, up 5.1 dollars
- International automotive diesel
- 173.9 dollars per barrel, down 3.2 dollars
- 11th government price cap
- Petrol 1,784 won, diesel 1,773 won and kerosene 1,380 won per litre