As the government implemented an oil price ceiling system starting on the 13th to respond to a surge in oil prices due to the situation in the Middle East, President Lee Jae-myung said, "If you find gas stations or others that violate the system, report them to me without delay." He specifically mentioned "price gouging on fuel" and asked for reports. The government said it would conduct a tough crackdown, including imposing fines on businesses that charge more than the maximum price set by the government.
On X (formerly Twitter) that day, Lee said, "We need the public's monitoring and participation so that some businesses do not take excessive profits or pocket unjust gains by exploiting the confusion." He also explained the reason for the rollout, saying, "To rein in domestic fuel prices roiled by unstable international conditions, we decided to set a clear cap on supply prices."
In particular, sharing a screenshot showing that the price of gasoline at "gas stations near me" around Siheung, Gyeonggi Province, searched on a smartphone, had fallen to 1,760 won, he also wrote, "Are fuel prices stabilizing a lot? Report price gouging."
After U.S. and Israeli airstrikes on Iran, the war has spread across the Middle East, and with the Strait of Hormuz effectively blockaded, international oil prices are also surging. Expanding attacks across the Persian Gulf, Iran also said, "Be prepared for $200 per barrel." Currently, all passage of ships carrying Middle Eastern crude and petroleum products has been suspended, and Dubai crude, which Korea mainly imports, has risen to around $120 per barrel.
The government will expand the fuel tax cut while resetting the oil price ceiling every two weeks to reflect international oil price conditions. The targets are regular gasoline, diesel, and kerosene, which are closely tied to people's daily lives. Premium gasoline, which has a limited consumer base, is excluded. In addition, for special areas such as islands where separate maritime transport costs apply, an exception allows a separate maximum price to be set within a 5% range, taking logistics conditions into account.