Seoul: The average prices of gasoline and diesel in Seoul have exceeded 1,900 won (US$1.29) per liter amid escalating tensions in the Middle East, government data showed Friday, while the government continued to warn against any illegal practices, such as price collusion.

According to Yonhap News Agency, President Lee Jae Myung issued a warning to domestic oil refiners over potential collusion in raising fuel prices through a post on social media platform X (formerly Twitter). He also instructed officials to consider a price cap during a Cabinet meeting held the previous day.

As of 9 a.m., the average price of gasoline in the capital rose 27.5 won from a day earlier to 1,916.5 won per liter, while diesel prices climbed 38.9 won to 1,934.1 won, as reported by Opinet, an oil price information service operated by Korea National Oil Corp. (KNOC).

This marks the first time in three years and seven months that gasoline prices in Seoul have exceeded the 1,900-won level. Diesel prices last crossed this threshold three years and three months ago, in December 2022.

On a national scale, the average gasoline price increased by 22 won to 1,856.3 won per liter, while diesel prices rose by 33.4 won to an average of 1,863.7 won.

The government plans to launch a pan-government task force to monitor fuel price movements and employ all available measures to address abnormal price increases. An industry official noted that owners of gasoline-powered vehicles might delay refueling when prices rise, but diesel vehicles, often used for business purposes, have less flexible demand, thereby pushing diesel prices higher.