Joo Byung-ki Vows Strong Response to Market Distortions Riding on Global Oil Prices

According to The Financial News, Chairperson of the Korea Fair Trade Commission Joo Byung-ki on the 5th stressed, regarding the recent rise in gasoline prices, that "we will further strengthen market surveillance to prevent market-distorting practices that take advantage of higher international oil prices."
At an emergency meeting of the Ministerial Task Force on Special Management of Consumer Prices held that day, Joo said, "There is a very high risk that external shocks will be transmitted through domestic production and distribution costs and directly affect consumer prices that are closely tied to people’s livelihoods."
Joo went on to say, "The government takes the current situation very seriously, and relevant ministries are working closely together to prevent external geopolitical instability from spreading into the domestic market," adding, "Based on the discussions at today’s task force meeting, we will further tighten market monitoring so that market distortions exploiting rising international oil prices do not occur."
First, the KFTC is mobilizing all of its regional offices to jointly monitor gasoline prices at gas stations nationwide in cooperation with relevant ministries. Joo stated, "If we detect any conduct that disrupts the market, such as price collusion or deceptive pricing, we will respond swiftly and sternly with sanctions."
He added that the authorities will also step up inspections of other key daily necessities closely linked to people’s lives, in addition to gasoline and diesel.
Joo said, "We will respond firmly so that companies cannot reap unfair gains through unjust practices such as excessively raising prices of daily necessities by riding on higher raw material costs, hoarding, or price collusion," and added, "In times like these, when external uncertainty is high, the power of a fair market order is more important than ever."
He further emphasized, "Along with the government’s response, we will actively communicate with industry to ensure that unfair practices that fuel price instability—such as excessive price hikes or cost pass-throughs that exploit uncertainty—do not occur."
hippo@fnnews.com Reporter Kim Chan-mi Reporter