South Korea’s Fair Trade Commission (FTC), the state antitrust regulator, announced Friday that it will closely monitor gas stations nationwide for potential price gouging as fuel prices surge due to the ongoing military conflict in the Middle East. The FTC will take necessary measures to address any unfair pricing practices.
“We will utilize all of our regional offices to investigate potential collusion among gas stations, especially those with elevated fuel prices. Based on monitoring results, we will promptly initiate on-site investigations for a comprehensive response,” stated the Fair Trade Commission in a press release, emphasizing its commitment to fair fuel pricing.
The FTC’s announcement follows a significant increase in fuel prices in recent days, despite no immediate disruptions to South Korea’s oil supply resulting from the escalating conflict in the Middle East, triggered by actions involving the US, Israel, and Iran. The agency aims to ensure that consumers are not unfairly impacted by the global situation.
Starting Friday, government authorities are scheduled to conduct at least 2,000 monthly inspections on fuel prices and quality at gas stations throughout the country. This initiative is part of a broader effort to stabilize the local energy market and protect consumers from unfair pricing.
Finance Minister Koo Yun-cheol stated on Thursday that the government will deploy all available measures, potentially including a price cap on petroleum products, to stabilize the local energy market. He warned of a strong response against any business engaging in unfair market practices that exploit the current situation, emphasizing the government’s commitment to maintaining fair and stable fuel prices for South Korean consumers.
