Fuel prices surge after Iran crisis, raising collusion concerns in Korea

Fuel prices in Korea are rising at an unusually steep pace following the recent Iran crisis, raising concerns over possible collusion by gas stations and prompting renewed calls for stronger government intervention. According to Opinet, the fuel price information system operated by the state-run Korea National Oil Corp., average gasoline prices across the nation reached 1,871.83 won ($1.27) per liter as of 5 p.m. Friday, up 37.55 won from the previous day. Diesel prices climbed even more sharply, rising by 57.13 won over the same period to reach 1,877.38 won per liter. The latest surge pushed domestic gasoline prices above 1,800 won per liter for the first time in more than three years. The spike comes in the aftermath of U.S. and Israeli airstrikes on Iran and retaliatory moves by Tehran, which have fueled volatility in global oil prices. Industry officials and gas station operators said structural factors within the domestic fuel distribution system make it difficult to curb rapid price hikes. Under the current system, oil refiners supply fuel to gas stations at a provisional price and l