Seoul: President Lee Jae Myung on Friday issued a fresh warning against oil refiners for possible collusion in raising gas prices, amid an escalating war in the Middle East following U.S.-Israeli attacks on Iran and Tehran's retaliation.

According to Yonhap News Agency, Lee shared a news article on the social media platform X, highlighting mixed reactions from the oil industry after he instructed officials to devise a price cap at a Cabinet meeting the previous day. He emphasized that "price collusion is a serious crime against the public," and warned that "those involved will soon see how heavy the consequences are."

Lee further expressed his stance by stating that some individuals fail to understand that the days where companies could profit illegally and escape consequences through collusion with government officials or politicians are over. He reassured that the government will employ all lawful measures to "normalize the abnormal," aiming to instill in companies the understanding that "you reap what you sow."