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Industry minister inspects gas station suspected of excessive price hike, vows stern response

Published: 30 Mar. 2026, 18:18

Industry Minister Kim Jung-kwan, center, and a joint government inspection team inspect a gas station operated by a refinery in southern Seoul on March 19. [NEWS1]

Industry Minister Kim Jung-kwan vowed on Monday to respond sternly to gas stations that excessively hike fuel prices — despite a price cap system in place — after spot-checking a gas station suspected of unfair market practices, Kim's office said.

A special government inspection team, led by Kim, visited an unidentified gas station in Seoul that raised gasoline and diesel prices by a bigger margin than the adjusted price ceiling increases for such products implemented last week, according to the Ministry of Trade, Industry and Resources.

Last Thursday, the government announced new price ceilings for gasoline and diesel supplied to gas stations by oil refineries, raising them by 210 won ($0.13) each to 1,934 won and 1,923 won, respectively, reflecting a recent surge in global oil prices.

But the Seoul gas station was found to have hiked its retail gasoline and diesel prices by 214 won and 216 won, respectively, just a day after the announcement.

The ministry said that it will look into whether the gas station, suspected of selling stock purchased at lower prices at higher prices, committed any unfair market practices.

“We understand that the fuel industry is facing mounting difficulties due to the recent surge in global oil prices, but excessive price hikes despite the government's implementation of a price cap system increase the burden on people's livelihoods and can damage trust in the market,” Kim said in a press release, vowing a stern response to such actions.

Korea introduced the fuel price cap system earlier this month for the first time since 1997 in a bid to ease cost burdens on people after the domestic fuel industry immediately raised prices following the outbreak of the Iran war in late February.

Yonhap