Chairperson Joo Byungki: "Strong Response to Unfair Oil Price Practices... Mobilizing All Regional Offices"

Nationwide Real-Time Tracking of Gas Station Prices in Collaboration with Relevant Ministries

Surveillance Network Expanded Beyond Petroleum Products to Hoarding of Daily Necessities

The Korea Fair Trade Commission has declared an "all-out war" against market-disrupting activities, such as excessively raising oil prices or colluding to fix the prices of daily necessities, by taking advantage of instability in the Middle East. The Commission is demonstrating a strong commitment to eradicating unfair practices that threaten the cost of living by mobilizing personnel from all regional offices nationwide.

Joobyeong Ki, Chairman of the Fair Trade Commission. Yonhap News.

On March 5, at an emergency meeting of the "Special Task Force for Managing the Cost of Living" held at the Seoul Government Complex, Joo Byungki, Chairperson of the Korea Fair Trade Commission, stated, "We will further strengthen market surveillance to ensure that no market-distorting practices, such as excessive price increases or cost pass-throughs, occur by taking advantage of external uncertainties such as rising international oil prices."

As for concrete measures, Chairperson Joo emphasized, "We are mobilizing all regional offices of the Korea Fair Trade Commission to work jointly with relevant ministries to monitor retail fuel prices at gas stations nationwide in real time. Should we detect any market-disrupting activities, such as price collusion or deceptive sales, we will impose swift and strict sanctions."

The Commission's surveillance extends beyond petroleum products to all aspects of daily life. Chairperson Joo expressed his determination, saying, "We will respond vigorously to prevent any unfair gains from being made by excessively increasing the prices of daily necessities under the pretext of rising raw material costs, or through practices such as hoarding and price collusion."

Finally, Chairperson Joo remarked, "In times of great external uncertainty like now, the strength of a fair market order is more important than ever," and called for the active cooperation of relevant ministries to ensure the stable management of the cost of living.

This content was produced with the assistance of AI translation services.