Koo Yun-cheol: "From today, we will conduct full-scale inspections of gas stations... Zero tolerance for legal violations"

According to Financial News, Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol said on the 6th, "From today, a Joint Government Inspection Team is directly visiting gas stations to conduct a full-scale inspection of those engaging in outrageous profiteering on petroleum products such as gasoline, and is monitoring profiteering and other hoarding and cornering practices."
Deputy Prime Minister Koo made these remarks at the working-level consultative meeting between the ruling party and the government held at the Members’ Office Building of the National Assembly of the Republic of Korea, adding, "If any violations of the law occur, we will take the toughest possible measures under a zero-tolerance principle."
He went on to explain, "We are taking preemptive measures against potential disruptions in the supply of energy such as oil, but at present we hold reserves equivalent to more than 208 days, so there should be no immediate problem," adding, "Over the medium to long term, however, issues could arise, so we are preparing measures that include diversifying alternative import sources."
Koo also stated, "We are determined that profiteering at the expense of people’s livelihoods by exploiting a national crisis must never be tolerated in the future," and stressed, "The Ministry of Trade, Industry and Resources has begun reviewing the option of setting maximum prices by fuel type and region, and based on market surveys, cases of continued profiteering will be dealt with by the Korea Fair Trade Commission as well. The government expects that the sharp, short-term surge in petroleum prices will soon normalize."
Regarding financial markets, he noted, "Stock prices and the exchange rate have shown significant volatility, but the stock market is regaining a considerable degree of stability, and the exchange rate is also stabilizing further," adding, "While we are somewhat relieved, we will remain vigilant and continue to monitor the markets."

syj@fnnews.com Seo Young-jun Reporter