President Lee: "Strict Response to Antisocial Acts Like Profiteering from High Fuel Prices"

On March 6, President Lee Jaemyung stated, "We must mobilize all available means to minimize the impact of the Middle East situation on key areas of people's livelihoods such as finance, energy, and the real economy," adding, "Above all, we must respond very firmly and resolutely to antisocial acts that seek to make unfair profits from the community's difficulties, such as profiteering from high fuel prices." President Lee also identified drug crimes, public sector corruption, voice phishing, illegal real estate activities, high-level malicious tax evasion, stock price manipulation, and serious industrial accidents as the "seven major irregularities," and called for accelerating efforts to normalize them.

YONHAP News Agency

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Presiding over a senior aides' meeting at the Blue House on the morning of March 6, President Lee said, "With the escalating crisis in the Middle East, the global economy is facing a vortex of upheaval," and made these remarks. President Lee stressed, "Uncertainty in the global environment is growing significantly," and added, "Especially in such critical times, we must proactively manage and block potential threats to people's lives through agile and meticulous responses."

This marks the second consecutive day President Lee has targeted the refining industry with his remarks. The previous day, during a cabinet meeting, President Lee noted, "There hasn't even been a serious disruption in fuel supply, yet suddenly gasoline prices at gas stations have soared," and introduced the strong measure of a 'price ceiling system.' He further instructed, "We must strictly crack down on and firmly respond to attempts at hoarding or profiteering."

On the morning of March 6, President Lee also issued a warning on his X (formerly Twitter) account, saying, "Collusion and price manipulation are serious crimes against the public," and "You will soon understand how steep the price to pay is." He also pledged, "We will make unscrupulous companies realize the simple truth that you reap what you sow," and "We will fully mobilize legal means to restore normalcy to the economy."

President Lee's remarks are based on the view that the refining industry's preemptive price hikes are unjustified. Typically, international oil prices are reflected domestically with a time lag of about two weeks. While international oil prices are rising due to instability in the Middle East, President Lee believes that it is problematic for domestic prices to surge within just a few days.

Nonetheless, despite President Lee's repeated warnings, domestic fuel prices continue to rise. According to Opinet, the Korea National Oil Corporation's oil price information system, as of 10:00 a.m. on March 6, the nationwide average gasoline price stood at 1,856.30 won per liter, up 22.02 won from the previous day. The average gasoline price in Seoul increased by 27.47 won to 1,916.54 won. The price of diesel also rose sharply by 33.41 won to 1,863.66 won compared to the previous day.

Additionally, President Lee reiterated the need to expedite enforcement and overhaul measures to normalize the so-called "seven major irregularities"-crimes that significantly impact people's daily lives, such as drug offenses, public sector corruption, voice phishing, illegal real estate practices, high-level malicious tax evasion, stock price manipulation, and serious industrial accidents.

President Lee explained, "To overcome the waves of crisis coming from outside, we must also strive to normalize the irregularities that exist within our own society," adding, "We must improve our social systems so that they are fair, transparent, and rational, ending this abnormal era where breaking the rules is profitable and following them is a disadvantage."

President Lee further stated, "We need to instill the perception that those who are caught making unfair gains will suffer such economic losses that recovery is impossible-they could be ruined." He continued, "Although our systems have been significantly improved, they are not functioning as they should." He concluded, "We must rigorously enforce existing systems and, if necessary, accelerate their further improvement."

In the previous day's cabinet meeting, President Lee also instructed that market-disturbing acts-such as spreading fake news or manipulating market prices to seek unfair profits by exploiting turmoil in the financial markets-must be strictly punished. President Lee said, "We must actively respond to increased volatility in financial markets such as stocks and exchange rates," and "We must block the spread of fake news and criminal acts of market manipulation. Those who seek profit by sowing confusion in the national economy will be held strictly accountable under a zero-tolerance policy."

Yonhap News Agency

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Meanwhile, President Lee again called on the political sphere to make efforts to overcome the crisis. He said, "This is a time when the responsible role of our politics is more important than ever," and earnestly urged, "Please unite around politics that prioritize the national interest over private interests for the sake of the people and the country."

President Lee appealed, "In an era of endless competition where there are no eternal enemies or friends and everyone must fend for themselves, only we can help and save ourselves," and "When we carve out our own destiny without relying on others, we can protect our national interest and enhance national power." He affirmed, "Our government, based on national sovereignty, will mobilize all capabilities to steadfastly protect the lives of our people from the uncertainties of global economic security."

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