Koo Yun-cheol: "Excessive fuel price hikes are a get-rich-quick scheme... We will respond firmly"

[The Financial News] Koo Yun-cheol, Deputy Prime Minister and Minister of Finance and Economy, said on the 8th, "The recent excessive increase in oil prices, in connection with the situation in the Middle East, is also a form of get-rich-quick behavior by some," and added, "We will respond firmly so that prices are set at a level consistent with common sense and social norms."
On the same day, Deputy Prime Minister Koo stated on social media, "We must eradicate profiteering charges that harm the community," reiterating his position.
Deputy Prime Minister Koo referred to the "overcharging eradication measures" announced on the 25th of last month at the National Tourism Strategy Meeting chaired by President Lee Jae Myung of South Korea. He said, "These were measures to root out the get-rich-quick behavior of some, which has repeatedly occurred during peak seasons and major events under the pretext of market autonomy, even to the point of undermining social order."
He went on to point out that the recent sharp rise in gasoline and diesel prices is also a form of overcharging, stressing, "Overcharging on oil prices must also be completely eradicated."
Earlier, on the 5th, President Lee Jae Myung said, "There has been no serious disruption in fuel supply, yet gasoline prices at gas stations have suddenly soared," and ordered a review of designating maximum prices for oil products. Following this, a cross-ministerial inspection team, including the Ministry of Economy and Finance (MOEF), the Korea Fair Trade Commission (KFTC), the Ministry of Trade, Industry and Resources (MOTIR), and the Ministry of Justice, was launched to investigate fuel prices nationwide, including hoarding and excessive price hikes at gas stations. The government is even considering the strongest sanction measure, a maximum price regulation, and plans to respond strictly to unfair practices such as unjust profiteering, collusion, and stockpiling. During an on-site inspection of gas stations on the 6th, Deputy Prime Minister Koo stated that the government would prevent "shameless acts of indiscriminately raising prices by taking advantage of a national crisis."

skjung@fnnews.com Jung Sang-geun Reporter