The Democratic Party of Korea warned it would strictly crack down on profiteering by raising fuel prices at home as international oil prices surge amid the Middle East crisis. It also said it would swiftly pass the "three forex stabilization bills" to respond to volatility in the foreign exchange market.
Jung Chung-rae, the Democratic Party leader, said at a supreme council meeting held at the National Assembly on the morning of the 9th, "The economic situation is grave due to rising international oil prices and the exchange rate," adding, "Taking unfair gains by shifting the damage onto the public amid a national crisis is a serious crime against the people."
He added, "It usually takes two to three weeks for oil price changes to be reflected at gas stations," and said, "Even though there is inventory imported before the war, immediately raising fuel prices through collusive price manipulation as soon as the war breaks out to reap windfall profits cannot be tolerated. We will respond firmly to such injustices."
Jung also said, "Each ministry is operating a 100 trillion won market stabilization program, and President Lee Jae-myung plans to review price conditions through an emergency economic inspection meeting," adding, "The party and government have agreed to swiftly handle the three forex stabilization bills to respond to volatility in the foreign exchange market."
He went on, "Going forward, the party, government, and presidency will closely examine the fallout from the Middle East situation and draw up measures," adding, "With swift and close responses, we will ease the public's concerns."
Han Byung-do, the party's floor leader, also said, "While walking over the weekend, I saw that gasoline at gas stations in Seoul was around 1,900 won per liter," adding, "We must use this opportunity to correct the refining industry's practice of indiscriminately raising supply prices first."
The three forex stabilization bills refer to amendments to the Act on Restriction on Special Cases Concerning Taxation and the Special Tax for Rural Development Act that include measures to stabilize the foreign exchange market and promote the inflow of overseas assets into the domestic market. They are called the "three bills" because the two amendments contain three key measures.