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Gov't to carry out inspections on gas stations as domestic fuel prices rise amid Iran war

Published: 06 Mar. 2026, 10:22

Deputy Prime Minister and Finance Minister Koo Yun-cheol speaks during a meeting of the interministerial task force on special management of livelihood prices at the government complex in central Seoul on March 5. [YONHAP]

As domestic fuel prices begin rising again due to the ongoing Iran war, the government said it will start conducting on-site inspections of gas stations beginning Friday.

Deputy Prime Minister and Finance Minister Koo Yun-cheol said during a working-level meeting between the government and ruling party at the National Assembly in Yeouido, western Seoul, on Friday morning that a joint government task force would visit gas stations to inspect those suspected of price gouging.

Koo added that authorities are monitoring not only potential price gouging, but also hoarding and other irregularities, emphasizing that the government will take the strongest possible action under a zero-tolerance principle if violations of the law are found.

“We must never tolerate acts of profiteering from people’s livelihoods by exploiting a national crisis,” he said.

He added that the Ministry of Trade, Industry and Resources has begun reviewing measures, including setting maximum prices by fuel type and region. Authorities will continue market surveys and respond to persistent cases of excessive pricing, with the Fair Trade Commission also involved if necessary.

Regarding the current energy supply situation, Koo said the country has secured reserves sufficient for more than 208 days, indicating there is no immediate concern.

“In the mid to long term, we are also preparing measures such as diversifying alternative import sources,” Koo added.

“Although volatility was high, the stock market is regaining stability and the exchange rate is also stabilizing,” he said. “We will closely monitor the markets and respond in a timely manner to ensure people can go about their daily lives with ease.”

He added that the government plans to prepare 20 trillion won ($13.56 billion) to support small- and medium-sized exporting companies by lowering interest rates and providing financing assistance to firms facing liquidity difficulties.

In addition, the government will secure more than 100 trillion won in financial support measures to stabilize financial markets and will secure additional funds if necessary, he said.

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
BY KIM EUN-BIN [[email protected]]