Deputy Prime Minister Koo Visits Gas Station: "Will Not Tolerate Profiteering on Fuel Prices Amid Middle East Crisis"

As domestic fuel prices soared sharply due to the Middle East crisis, Deputy Prime Minister and Minister of Finance and Economy Koo Yoon-cheol declared, "We will not tolerate unscrupulous acts of indiscriminately raising prices by taking advantage of a national crisis."

On the afternoon of March 6, Deputy Prime Minister Koo visited a gas station in Yuseong-gu, Daejeon, to inspect the situation regarding petroleum product prices and supply. During the visit, he made this statement. Together with officials from the Korea Institute of Petroleum Management, Koo also checked the quality of gasoline and diesel, as well as whether they were being sold in exact quantities.

Deputy Prime Minister and Minister of Strategy and Finance Koo Yoon-chul visited the SK KH Energy Highway Gas Station located in Daejeon Metropolitan City on the afternoon of the 6th and discussed the on-site situation such as fuel transaction volumes with gas station officials. Ministry of Strategy and Finance

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Since the end of February, after the United States and Israel launched airstrikes on Iran, the Strait of Hormuz-one of the world's key oil transport routes-has been effectively blocked, fueling concerns over a sharp rise in fuel prices. Even though the increase in international oil prices due to the Middle East crisis has not yet been reflected in domestic conditions, gas stations nationwide have simultaneously raised their selling prices.

Koo once again emphasized, "We will respond firmly and without exception to any excessive price increases, acts of deceiving on quality, or illegal activities such as price-fixing or hoarding."

He further urged, "Although uncertainty is high due to the current situation in the Middle East and other factors, I ask that we respond calmly based on a sense of community and overcome this together."

The government is preparing a full-scale response to prevent unstable fuel prices from reigniting inflation, which has only just begun to stabilize. Authorities are conducting 24-hour monitoring of international energy markets and domestic petroleum prices and supply trends in relation to the Middle East situation. All available measures are being mobilized, including operating an interagency petroleum market inspection team and pursuing the designation of maximum retail prices for petroleum products under the Petroleum Business Act, to prevent excessive price hikes. On March 5, Koo also suggested that the government may consider designating a maximum price for petroleum products if necessary.

Meanwhile, the consumer price inflation rate for February, which included the Lunar New Year holiday, remained at 2.0% for the second consecutive month. This was largely due to a fall in international oil prices last month, which led to a decline in gasoline and diesel prices for the first time in six months. Prices for agricultural products such as carrots, radishes, and cabbages also dropped compared to a year ago. After the Fair Trade Commission cracked down on price-fixing, the prices of processed foods-which had contributed to higher grocery bills-are now stabilizing.

However, persistently high prices for livestock and seafood products continue to place a burden on household grocery expenses. In addition, with fuel prices already surging due to the Middle East crisis, it remains uncertain whether overall price stability will continue.

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