Justice ministry vows stern measures against gas price gouging

▲ Justice Minister Jung Sung-ho (Yonhap)

justice ministry-gas prices

Justice ministry vows stern measures against gas price gouging

SEOUL, March 6 (Yonhap) -- The justice ministry said Friday it would take stern measures against those who collude to raise gas prices amid concerns over increasing fuel prices due to the U.S.-Iran conflict.

Justice Minister Jung Sung-ho gave instructions for such measures to the prosecution after President Lee Jae Myung warned against possible collusion to hike gas prices, calling it a "serious" crime against the public.

"As the Middle East situation has become increasingly unstable, there is a growing possibility of market manipulation activities to hugely profit from unfair transactions, such as collusion under the pretext of rising global oil prices," the ministry said in a press notice.

The ministry said action would be taken against collusion and hoarding of fuel that could significantly impact prices, unfair transactions by using fake news and other market manipulating activities, such as stock price rigging by exploiting the Middle East situation.

In response to recent fluctuations in gas prices, Lee said during a Cabinet meeting Thursday that the sharp increase did not appear to be based on a serious supply disruption and instructed the government to devise a system to punish acts of price gouging.

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