Following increased tensions in the Middle East due to US and Israeli strikes against Iran, oil prices in South Korea are nearing 2000 won per liter, raising concerns for consumers and prompting government intervention. South Korea's Minister of Trade, Industry, and Energy, Kim Jeong-kwan, held a meeting with the leaders of major domestic oil companies to discuss measures to stabilize prices and ensure fairness in pricing, especially as consumers have expressed distrust in the industry’s pricing practices as prices tend to increase rapidly yet decrease slowly.

Minister Kim emphasized the need for transparency and fairness in oil pricing in light of the international price surge resulting from the Middle Eastern crisis. He stated that the burden of rising international oil prices should not be unfairly passed onto consumers. In addition, he mentioned that the government would take strict actions against any illegal activities like price collusion or fraud in the oil sector during this critical period. This comes as President Lee Jae-myung has ordered stringent investigations into market disruptions by oil companies and gas stations, stressing that opportunistic actions in times of crisis must be dealt with decisively.

Moreover, the Ministry of Trade, Industry, and Energy has issued a warning to increase the readiness levels of resource security in response to the crisis. They plan to secure alternative supply routes and establish detailed plans for oil reserves to cope with potential supply disruptions. This coordinated effort highlights the urgency of addressing rising oil prices and ensuring stability in the South Korean market in the context of global tensions affecting energy supply markets.