On November 5, President Yoon Suk-yeol expressed urgent concerns over the sharp rise in gasoline prices following the U.S. and Israeli attacks on Iran, despite the assertion that domestic gasoline supply remains stable. During a cabinet meeting at the Blue House, he ordered the government to quickly implement a system that designates a maximum price for gasoline, which would set a price ceiling for consumers. This move comes in response to rising international oil prices due to disruptions in the Strait of Hormuz, but Yoon criticized any opportunistic behavior in the domestic market that exploits these external pressures to inflate consumer prices.

President Yoon emphasized the need for strict action against those attempting to exploit the situation, remarking, "No matter how attractive money is, this is excessive," reflecting his administration's commitment to protect consumers from price gouging. The law governing the oil industry empowers the government to regulate prices and distribution in instances of significant supply disruptions, allowing them to step in where necessary. The president's remarks underscore the concern that even with stable supply, consumer prices can be artificially driven up, which poses an economic threat to citizens.

In response to the gasoline price crisis, Deputy Prime Minister and Minister of Economy and Finance, Koo Yun-cheol, highlighted the excessively rising gasoline prices and indicated that the government would intensively monitor the situation. There are plans to hold an emergency cabinet meeting later to review the issue and implement corrective measures against any unfair practices. Additionally, the government intends to support small and medium exporters affected by the ongoing geopolitical crisis by allocating significant financial resources to ease interest rates and expand loan access, thus trying to mitigate broader economic repercussions from these international tensions.