The Fair Trade Commission is investigating potential price-fixing collusion cases at gas stations in southern regions due to fluctuating energy prices linked to Middle East unrest. Chairman Ju Biung-ghi disclosed this during a government task force meeting, highlighting specific areas like Busan, North Gyeongsang Province, and Jeju under scrutiny for alleged price manipulation. The FTC emphasized strict penalties for unfair profit-seeking practices exploiting the situation, with ongoing nationwide inspections on gas station pricing following recent fuel price spikes.
Efforts to alleviate consumer burdens amidst rising fuel costs include the introduction of a fuel price cap system by the government. This system establishes maximum prices for petroleum products supplied to gas stations and distributors by oil refiners. Additionally, the FTC, led by Ju, pledged to continue initiatives aimed at reducing everyday grocery prices to relieve financial strain on the public, citing recent price reductions by local food manufacturers on items like bread, instant noodles, and snacks.
In a bid to address cost pressures amid the Middle East crisis, Industry Minister Kim Jung-kwan urged oil refineries and gas stations to collaborate with the newly implemented fuel price cap system. During a meeting with representatives from South Korean oil refineries, gas stations, and the Korea National Oil Corp, Kim stressed the importance of industry cooperation to mitigate economic challenges arising from the ongoing turmoil.
