Seoul: The state antitrust regulator announced an initiative to closely monitor potential price gouging practices by gas stations nationwide as fuel prices have surged amid ongoing military conflict in the Middle East.

According to Yonhap News Agency, the Fair Trade Commission (FTC) stated in a press release that it will employ all its regional offices to investigate possible collusion among gas stations, especially those with elevated fuel prices. The FTC plans to initiate on-site investigations immediately, based on monitoring outcomes, to ensure a comprehensive response to the situation.

Fuel prices have seen a significant increase recently, although no immediate disruptions to South Korea’s oil supply have been reported as a result of the escalating conflict in the Middle East, which has been exacerbated by attacks from the U.S. and Israel against Iran. In response, government authorities have committed to conducting at least 2,000 monthly inspections on fuel prices and quality across gas stations nationwide, beginning on Friday. This measure aims to stabilize the local energy market.

Finance Minister Koo Yun-cheol stated on Thursday that the government will employ all available measures, including implementing a price cap on petroleum products, to stabilize the local energy market. He warned of a strict response against any business engaging in unfair market practices to exploit the current situation.

Additionally, the FTC has indicated plans to conduct intensive monitoring of processed food prices that involve sugar and flour, following recent price-fixing incidents involving major producers of these commodities.