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Justice ministry vows to come down hard on gas price gouging

Published: 06 Mar. 2026, 19:39

Justice Minister Jung Sung-ho unveils the government’s future strategy on immigration policy during a briefing in the ministry's press room at the government complex in Gwacheon, Gyeonggi, on March 3. [YONHAP]

The Ministry of Justice said on 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 the hoarding of fuel that could significantly impact prices, unfair transactions by using fake news and other market manipulation 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 on 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.

Yonhap