As domestic gas stations and gasoline prices soar in the aftermath of airstrikes by the U.S. and Israel in Iran, a procession of cars are lined up at a gas station in the central city of Daejeon, Thursday. Yonhap
The state antitrust regulator said Friday it will closely monitor possible price gouging practices of gas stations across the country and take necessary measures as fuel prices recently soared amid the military conflict in the Middle East.
"We will mobilize all of our regional offices to check for possible collusion of gas stations, particularly those with high fuel prices, and will launch on-site investigations immediately, depending on the monitoring results, for a comprehensive response," the Fair Trade Commission (FTC) said in a press release.
The FTC's announcement comes as fuel prices sharply increased over the past few days despite no immediate disruptions reported to Korea's oil supply from the escalating conflict in the Middle East sparked by U.S. and Israeli attacks against Iran.
Government authorities were set to conduct at least 2,000 monthly inspections on prices and quality of fuel products across gas stations nationwide starting Friday as part of efforts to stabilize the local energy market.
On Thursday, Finance Minister Koo Yun-cheol said the government will use all possible measures, including a price cap on petroleum products, to stabilize the local energy market, warning a stern response against unfair market practices by any business trying to take advantage of the current situation.
Meanwhile, the FTC said it will also conduct intensive monitoring of prices of processed food products that use sugar and flour as ingredients, following price-fixing cases involving major sugar and flour producers here.
Source: Korea Times News
