Mar 9 • 06:20 UTC 🇰🇷 Korea Hankyoreh (KR)

Gyeonggi Province Launches Emergency Investigation into 'Fake Oil' Amid Soaring Energy Prices

Gyeonggi Province is conducting a large-scale investigation into illegal activities related to fake oil sales due to rising international oil prices influencing local economies.

In response to the impact of soaring international oil prices driven by instability in the Middle East, Gyeonggi Province is intensifying efforts to combat illegal activities, particularly the sale of 'fake oil'. From October 9 to 20, the Special Judicial Police of Gyeonggi Province will collaborate with the Korea Petroleum Management Corporation to focus investigations on gas stations across the province. This initiative aims to eradicate illegal practices, including the production and sale of counterfeit oil products and sales below the legal volume, capitalizing on the current fluctuations in oil supply and demand.

The investigation targets various illegal activities, notably the production and sale of fake petroleum products, underreporting sales for tax evasion, and other illicit transactions. The province plans to utilize advanced testing equipment from the Korea Petroleum Management Corporation to analyze oil components on-site. Businesses suspected of violations may face strict investigations and severe penalties, which could include legal actions resulting in up to five years of imprisonment or fines of up to 200 million KRW under the existing Petroleum and Petroleum Alternative Fuel Business Act.

Gyeonggi's Special Judicial Police Chief, Kwon Moon-joo, stressed the importance of maintaining a healthy petroleum distribution system during these challenging economic times for residents. The province is urging citizens to report any suspected illegal activities, such as the sale of fake oil or underreported volumes, through its official channels. This move reflects a commitment to protect public safety and ensure compliance within the petroleum industry amid a backdrop of escalating fuel prices.

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