With volatility in international oil prices rising due to the Middle East situation, President Lee Jae-myung on the 5th said, "It is not as if there is, objectively, a serious disruption in fuel supplies yet, but they say gas station gasoline prices and other fuel prices have suddenly surged," adding that he would impose strong sanctions in response.
That morning, Lee presided over an extraordinary Cabinet meeting at the Blue House and said, "There is a need to strictly crack down on and respond decisively to attempts to exploit tough market conditions for hoarding or unreasonable profiteering," referring to some gas stations raising fuel prices.
He added, "It seems that some are trying to take profits by ignoring others' pain during a national crisis," and said, "Morning, lunch, and evening prices are different, and there are even places that raised prices by nearly 200 won per liter. Discuss specifically what sanctions are available on this point."
Although Cabinet meetings are usually held on Tuesdays, this meeting was arranged for Lee to receive a pan-ministerial briefing related to the Middle East situation. With the front line expanding across the Middle East due to Iran's retaliation following airstrikes by the United States and Israel, and President Donald Trump even mentioning the possibility of deploying ground troops to Iran, the aim is to discuss responses to high oil prices and inflation.
◇"Zero tolerance for stock price manipulation"
He also said the stock market would be a focus of enforcement. Lee said, "We will actively respond to heightened volatility in financial markets such as stocks and exchange rates," and added, "Authorities should properly execute the 100 trillion won 'market stabilization program' prepared to preemptively block market anxiety."
In particular, he said, "We must also thoroughly block criminal acts such as the spread of fake news and price manipulation that run rampant at times like this," adding, "We will hold to account with a zero-tolerance principle those forces that seek profit by fomenting confusion in the national economy." He also said emergency measures to stabilize supplies and diversify import sources for crude oil, gas, and naphtha would be prepared.