Despite crude plunging nearly 30% in a month after U.S.-Iran tensions eased, the average price of gasoline at Korean stations remains stubbornly above 2,000 won a liter, Kyunghyang reported on the 21st.

There is typically a two-to-three-week lag between global prices and pump prices. Refiners set prices off stored oil and customs timing, so consumer prices respond late even when crude falls.

The exchange rate matters, too: a weaker won raises the won-converted import cost at the same per-barrel price, offsetting cuts. Fuel taxes and distribution margins are also cited as adding downward stickiness.

Consumers complain of the asymmetry—'up at once, down slowly.' Officials and industry cite lags and cost structures, but the gap with felt prices is hard to close.

This paper watches the trend because oil is the starting point for logistics and living costs. Chinese-run businesses in Korea heavy in delivery and transport see profits tied directly to fuel prices.