"How Can Gas Prices Rise by 300 Won Overnight?"... Gas Station Cited 'Out of Stock,' Then Raised Prices the Next Day

Oil Prices Surge Amid US-Iran Conflict
Lee: "Firm Action Against Hoarding and Profiteering"
Some Gas Stations Raise Prices by 300 Won Overnight

Online Community Capture

As international oil prices fluctuate due to the war between the United States and Iran, President Lee Jaemyung has also raised his voice, vowing to contain the surge in fuel prices. Meanwhile, controversy has arisen as it has been reported that some gas stations marked their fuel as sold out and then raised gasoline prices by 300 won in a single day.

On March 5, President Lee stated at an emergency Cabinet meeting at the Blue House, "There is a need for strict crackdowns and decisive responses against attempts to engage in hoarding or unreasonable profiteering by exploiting challenging market conditions."

He pointed out, "There hasn't been any objectively serious disruption in fuel supply, but suddenly fuel prices have skyrocketed. Prices change in the morning, at lunch, and in the evening, and there are even places that raise prices by nearly 200 won per liter." He continued, "I've heard that sometimes the price at a gas station can rise by more than 200 won in just one day. Money may be tempting, but this seems excessive."

In fact, there have been reports of such abrupt price hikes, drawing criticism from netizens.

In a post that went viral online titled "A Gas Station That Goes Too Far," the poster said they visited a gas station around 5 p.m. on March 4, but sales had been suspended due to a claimed sold-out status. However, on the following day, March 5, the poster noted that sales resumed with prices raised by 300 won.

The poster stated, "It was 1,699 won yesterday evening, marked as sold out, but today it's 1,999 won. If it were truly sold out, there would be no choice, but it's hard to believe there was no stock, given a 300-won increase in just half a day." The post also included fuel price information from Korea National Oil Corporation's Opinet, based on the Manse District, Hwaseong, Gyeonggi Province, suggesting the gas station in question was in that area.

Meanwhile, Deputy Prime Minister and Minister of Economy and Finance Koo Yooncheol warned, "Considering the time lag in reflecting international prices, this is by no means the point at which there should be a real impact on domestic prices. Excessive price hikes for profiteering are shameless acts that harm people's livelihoods. The government will thoroughly respond by utilizing all possible administrative measures, including setting maximum prices."

Accordingly, the Ministry of Trade, Industry and Energy, together with the Korea Institute of Petroleum Management, the National Police Agency, and local governments, will launch a special inspection of high-risk gas stations for illegal oil distribution starting March 6. The crackdown will be carried out using undercover inspection vehicles and is scheduled to be conducted more than 2,000 times per month.

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