The Korea Fair Trade Commission said on the 6th it will review the possibility of collusion, focusing on gas stations with high fuel prices.
The Korea Fair Trade Commission (FTC) held the second meeting of the unfair trade review team that day and discussed "price trends and stabilization plans for everyday consumer items by ministry" and "plans for intensive reviews of prices in the processed foods and petroleum markets." The unfair trade review team, a sub-team under the special task force of ministers on essential consumer prices, was launched last month.
At the meeting, the Korea Fair Trade Commission (FTC) agreed that thorough monitoring of the petroleum market has become necessary due to the situation in the Middle East. Accordingly, it decided to review the possibility of collusion among high-priced gas stations and to immediately begin on-site investigations if suspicions arise.
It also decided to conduct intensive reviews of prices for processed foods that use materials and supplies such as sugar. The move follows manufacturers of sugar, flour, and starch sweeteners having released plans to cut product prices. The Korea Fair Trade Commission (FTC), together with the Korea Consumer Agency (KCA), plans to intensively monitor factory prices, retail prices, and unit prices for ramen, snacks, bread, and ice cream. If signs of unfair trade such as collusion are found here as well, it will promptly open an investigation.
The Korea Fair Trade Commission (FTC) said, "We will actively monitor market-disrupting behavior that rides on the situation in the Middle East," adding, "We will continue to monitor price trends for essential consumer items."