Fuel prices in South Korea reach nearly four-year high

The average price of gasoline in South Korea has reached 2,000 won (US$1.35) per litre for the first time in three years and nine months, amid developments surrounding US–Iran peace talks.

According to Opinet, a website operated by the Korea National Oil Corporation, the nationwide average retail gasoline price stood at 2,000 won per litre as of 7 p.m., up 0.9 won from the previous day, Yonhap reports.

This marks the first time the national average has reached the threshold since July 20, 2022, when prices surged amid the Russia–Ukraine war.

In Seoul, the average gasoline price had already exceeded 2,000 won on April 7 and rose further to 2,030.6 won on Friday, up 1.9 won from the previous day.

US President Donald Trump has painted a positive picture of another round of possible peace negotiations with Iran over the weekend, while Israel and Lebanon announced a 10-day ceasefire.

By Vafa Guliyeva