Global Oil Prices Drop, but When Will Gas Station Prices Follow?

[Anchor]

Following the peace agreement between the United States and Iran, global oil prices, which once exceeded $110 per barrel, have fallen to $80. However, it is expected to take some time for domestic consumers to fully feel the impact.

Reporter Park Jaehyeon has the story.

[Reporter]

After the war between the U.S. and Iran, airline fuel surcharges, which immediately reflect oil price trends, soared to record highs.

[Yoo Young-jun/Outbound Traveler: I bought a plane ticket for 600,000 won, but it was canceled (in March). Then I had to pay an additional 400,000 won to buy it again. I had a resort booked in advance.]

Since last month, when peace negotiations became visible, global oil prices have gradually stabilized.

As a result, fuel surcharges, which were lowered once this month, will be reduced by another 20% for tickets issued starting next month.

For Korean Air, this means a reduction of 15,100 won for short-haul one-way flights and 107,500 won for the longest routes.

However, consumers still feel the burden of high fuel prices, with gasoline and diesel prices at gas stations nationwide exceeding 2,000 won per liter.

It takes at least two to three weeks for global oil prices to be reflected in consumer prices due to the processes of transportation, refining, and distribution.

There are also concerns that gas stations will be slower to lower prices compared to when they raise them, citing the need to clear out existing inventory purchased at higher costs.

[Kim Hae-beom/Yangcheon-gu, Seoul: Fuel prices have risen so much that I even considered switching to a smaller car; the impact is severe. They say it takes a long time to actually feel the difference (even when global oil prices drop).]

With time needed to restore damaged crude oil facilities and countries rushing to secure strategic reserves, the prevailing outlook is that oil prices will not fall much further for the time being.

[Kim Tae-hwan/Head of Petroleum Policy Research at Korea Energy Economics Institute: (From May to September) is a period of high demand. When you add the demand for refiners to replenish inventory and the demand for strategic reserves from various countries, even if the (strait) opens right now, demand remains very robust.]

The government plans to announce the 7th maximum petroleum price tomorrow (June 18) after comprehensively reviewing the details of the memorandum of understanding between the U.S. and Iran, the situation regarding passage through the Strait of Hormuz, and global oil prices.

Reported by Park Jaehyeon | Video by Park Hyun-cheol | Video Editing by Choi Jin-hwa | Graphics by Kim Han-gil and Park Tae-young
※ Please note: This article was translated by AI and may contain errors.