Seoul: The justice ministry announced that it would implement stern measures against individuals and entities colluding to raise gas prices, amid growing concerns over increasing fuel prices due to the U.S.-Iran conflict.
According to Yonhap News Agency, Justice Minister Jung Sung-ho directed the prosecution to take action after President Lee Jae Myung warned against potential collusion aimed at hiking gas prices, labeling it as a "serious" offense against the public. The ministry highlighted that the unstable situation in the Middle East could lead to market manipulation activities, including collusion under the guise of rising global oil prices.
The ministry emphasized that measures would target collusion and the hoarding of fuel, which could significantly affect prices. Additionally, actions would be taken against unfair transactions involving fake news and other market manipulation activities, such as stock price rigging, that exploit the current Middle East situation.
In light of recent fluctuations in gas prices, President Lee noted during a Cabinet meeting that the sharp increase did not seem to stem from a serious supply disruption. He instructed the government to develop a system to effectively punish acts of price gouging.