Antitrust regulator inspects gas stations for price gouging amid Iran conflict

South Korea's Antitrust Regulator Inspects Gas Stations

Amid the ongoing conflict in Iran, South Korea's Fair Trade Commission (FTC) has announced plans to closely monitor gas stations across the country for potential price gouging. The FTC emphasized that they will conduct over 2,000 monthly inspections to ensure market stability, including checks on processed food products that use sugar and flour as ingredients. The government is also warning of strict measures against any unfair market practices, including the implementation of price caps on petroleum products.

Finance Minister Koo Yun-cheol stated that the government will use all possible measures to stabilize the local energy market, warning of a stern response against any business attempting to exploit the current situation for unfair gain. The FTC's announcement comes as fuel prices have sharply increased over the past few days despite no immediate disruptions reported to Korea's oil supply from the Middle East conflict.