South Korean President Yoon Suk-yeol condemned price manipulation in the oil industry as a grave offense against the public, asserting that illegal actions benefiting certain companies at the expense of consumers will no longer be tolerated.
On October 6, South Korean President Yoon Suk-yeol addressed the issue of soaring gasoline prices at domestic gas stations, labeling collusion and price manipulation as a serious crime against the public. He expressed his concern over certain companies profiting from illegal activities while causing suffering to the general populace, suggesting that this troubling era of collusion with government and political sectors is coming to an end. Yoon warned that those engaged in such misconduct will soon understand the severe consequences they will face.
The president's comments were prompted by a recent article highlighting a rapid price increase of 140 won within five days in the refining sector, which pointed to industry disarray following Yoon's directive to consider implementing a price cap on gasoline. This measure has reportedly startled the oil industry, indicating a significant shift in governmental oversight and regulation of oil prices. By sharing this article, Yoon emphasized the urgency of addressing the pricing anomalies in the sector.
Additionally, President Yoon vowed to use all legal means necessary to restore proper order in the economic domain, targeting companies that disrupt the national economy with unethical practices. He underscored the principle that those who exploit the system will ultimately face repercussions, asserting a commitment to normalizing economic conditions that have deviated from legal standards. His statements reflect a determined stance to combat corruption and protect consumer interests in South Korea's oil industry.
