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South Korea Freezes Gasoline Price Cap at 1,784 Won Per Liter Amid Middle East Tensions

2026-07-24 10:09:14

GAS-2.00%

According to South Korea's Ministry of Trade, Industry and Energy, on July 24, the government froze the eighth-period maximum petroleum prices at their previous levels: 1,784 won per liter for gasoline, 1,773 won for diesel, and 1,380 won for kerosene. The decision, effective from July 25 for four weeks, reflects concerns over regional oil supply disruptions caused by escalating Middle East tensions and Houthi naval blockades in the Red Sea. International crude oil prices surged to $100 per barrel on Brent basis on July 23. Domestically, actual retail prices currently stand at 1,871 won for gasoline and 1,856 won for diesel, and are expected to remain in the 1,800-won range.

Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.

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