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Nationwide Gasoline, Diesel Prices Fall for Second Day; Government Joins Strategic Oil Release
Domestic Fuel Prices Decline for Second Straight Day
Domestic fuel prices, which had surged due to the Middle East situation, have now shown a decline for two consecutive days. According to Opinet, the Korea National Oil Corporation's oil price information system, as of the afternoon of April 4, the nationwide average gasoline price dropped by more than 4 won from the previous day to 1,900 won per liter. Diesel prices also fell by 6 won to 1,921 won per liter.
Regionally, fuel prices uniformly decreased across most areas. Notably, diesel prices in Seoul recorded 1,939 won, a decrease of 13.26 won from yesterday, marking a drop of over 10 won for two consecutive days. Gasoline prices also fell by more than 11 won to 1,929 won. This trend of falling fuel prices has continued since prices began to decline following the Middle East situation.
Government Joins International Effort to Release Strategic Reserves, Implement Oil Price Stabilization Measures
The government has decided to release strategic oil reserves in response to surging international oil prices. As the International Energy Agency (IEA) decided to conduct a coordinated strategic oil release among its member countries to counter surging oil prices, South Korea will participate. The volume of strategic reserves to be released by South Korea is approximately 22.46 million barrels, accounting for 5.6% of the IEA's total release of 400 million barrels.
This IEA coordinated strategic oil release is the first such measure in approximately four years since the Russia-Ukraine War in 2022, and the 400 million barrels mark the largest volume in IEA history. An official from the Ministry of Trade, Industry and Energy stated, "We plan to consult with the IEA Secretariat on specific details such as the timing and volume of the release, considering our national interests and domestic circumstances." The government also plans to soon officially implement a price cap system that sets maximum prices for petroleum products.
*Source: YouTube: YTN (2026-03-12)*
