Seoul: The head of South Korea's antitrust watchdog announced that an investigation into alleged price-fixing and collusion among some gas stations is nearing completion. This development comes amid rising oil prices following the ongoing conflict in the Middle East.

According to Yonhap News Agency, Fair Trade Commission Chairman Ju Biung-ghi revealed in a radio interview that the FTC would soon conclude its probe and implement necessary actions, which may include corrective orders or fines based on the severity of any violations discovered. The investigation involved on-site inspections at gas stations in several regions, including the southern port city of Busan, the southern island of Jeju, Gyeonggi Province, and North Gyeongsang Province, where fuel prices were noticeably higher compared to other areas.

The South Korean government has been intensifying efforts to combat collusion in petroleum products and other essential goods in response to supply disruptions related to tensions in the Middle East. The disruptions have led to a surge in global oil prices, particularly after interference with shipping routes in the Strait of Hormuz, impacting global supply flows. South Korea relies heavily on imports for its crude oil supplies, sourcing nearly 98 percent from the Middle East.