Lee Criticizes Oil Refiners Again for "Fuel Price Gouging"... "A Serious Crime Against the Public"

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 affecting people’s daily lives, including finance, energy, and the real economy.” He added, “Above all, we must respond strictly and decisively to antisocial acts such as making undue profits by exploiting community hardships, like ‘gouging fuel prices.’” President Lee also listed drug crimes, corruption among public officials, voice phishing, illegal real estate activities, large-scale malicious tax delinquencies, stock price manipulation, and serious industrial accidents as the ‘seven major abnormalities’ and called for accelerating efforts to normalize these areas.

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Presiding over a senior aide meeting at the Blue House this morning, President Lee remarked, “With escalating tensions in the Middle East, the global economy is facing a vortex of upheaval.” He continued, “The uncertainty in the global environment is increasing greatly. Especially in such a critical period, we must proactively manage and block any potential threats to people’s lives through swift and meticulous responses.”

This marked the second consecutive day President Lee targeted the oil refining industry with his remarks. The previous day, at a Cabinet meeting, President Lee had pointed out, “There hasn’t been a serious disruption in fuel supply, yet gasoline prices at gas stations have suddenly skyrocketed,” and introduced the extreme measure of a ‘price ceiling.’ He also instructed, “We must crack down on hoarding or attempts to make excessive profits, and respond firmly.”

That morning, President Lee also warned through his X (formerly Twitter) account, “Collusion and price manipulation are serious crimes against the public,” and added, “You will soon realize how steep the consequences are.” He continued, “I will make sure unscrupulous companies learn the simple truth that you reap what you sow, whether it’s beans or red beans. By mobilizing all legal means, we will bring abnormal practices in the economic sector back to normal.”

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

However, 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 a.m. today, the national average gasoline price was 1,856.30 won per liter, up 22.02 won from the previous day. The average gasoline price in Seoul rose by 27.47 won to 1,916.54 won. Diesel prices also surged by 33.41 won to 1,863.66 won compared to the previous day.

In addition, President Lee identified drug crimes, corruption among public officials, voice phishing, illegal real estate activities, large-scale malicious tax delinquencies, stock price manipulation, and serious industrial accidents as the ‘seven major abnormalities’ that have significant impacts on people’s lives, and urged swift enforcement and improvement measures to restore normalcy.

He stated, “To overcome the waves of crises coming from outside, we must also address abnormal factors within our society,” and explained, “We need to improve the entire social system to be fair, transparent, and rational, and end this abnormal era where breaking the rules brings benefits and following the rules brings losses.”

President Lee further commented, “We must instill the awareness that those who are caught making undue gains will suffer such severe economic losses that recovery is impossible-they could lose everything. Although our systems are now well established, they are not functioning properly.” He added, “We must thoroughly enforce existing systems and, if necessary, expedite further improvements.”

At the previous day’s Cabinet meeting, President Lee also ordered strict punishment for market-disrupting activities that take advantage of turmoil in financial markets, such as spreading fake news or manipulating prices for unfair gain. He stated, “We must respond proactively to increased volatility in financial markets, including stocks and exchange rates. We must block crimes like fake news dissemination and market manipulation. Those who seek to profit by stoking turmoil in the national economy will be held fully accountable under a zero-tolerance policy.”

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President Lee also reiterated his call for political leaders to make efforts to overcome the crisis. He said, “This is a crucial time for our politics to play a responsible role,” and earnestly asked, “For the sake of the people and the country, I urge you to prioritize the national interest over personal gain and unite your efforts.”

President Lee appealed, “In this era of infinite competition and survival of the fittest, where there are no permanent enemies or friends, only we ourselves can help and save us. By pioneering our own destiny without relying on others, we can protect the national interest and strengthen our national power.” He pledged, “Our government, founded on the sovereignty of the people, will mobilize all its capabilities to firmly safeguard people’s lives from global economic and security uncertainties.”

Meanwhile, a poll released today by Gallup Korea showed President Lee’s job approval rating matched the highest level recorded immediately after he took office. According to Gallup Korea’s wired telephone survey of 1,001 adults aged 18 or older nationwide, conducted from March 3 to 5 (with a margin of error of ±3.1 percentage points at a 95% confidence level), President Lee’s positive job approval rose by 1 percentage point from the previous week to 65%. This matches the highest approval rating recorded a month after his election last year.

As for party support, the Democratic Party’s approval rating rose by 3 percentage points from the previous survey to 46%, while the People Power Party’s rating fell by 1 percentage point to 21%. In the local elections, 46% of respondents said a ruling party candidate should be elected, while 30% said an opposition party candidate should win. For more details, refer to the website of the National Election Survey Deliberation Commission.

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