The Korean government will operate a joint inter-ministry inspection team starting today, taking a zero-tolerance approach against gas stations engaged in profiteering.
Members of the Democratic Party's Finance and Economy Committee and Deputy Prime Minister and Minister of Finance and Economy Koo Yoon-chul held a working-level policy consultation at the National Assembly on Wednesday.
"Starting today, a government joint task force will directly visit gas stations to conduct comprehensive inspections of those engaged in profiteering," Deputy Prime Minister Koo said.
"We are monitoring for profiteering, hoarding, and other situations," he said. "In cases of legal violations, we are determined to take a zero-tolerance approach and will never tolerate acts that exploit a national crisis for excessive profits."
Regarding the current energy supply situation, Koo said, "We have confirmed that we hold more than 208 days' worth of reserves," adding that "for the medium to long term, we are preparing measures including diversifying alternative import sources."
On financial market volatility, he said, "Fortunately, the stock market has largely stabilized, and the exchange rate is also stabilizing. We will monitor the market with heightened vigilance and respond promptly to each situation so that people can live comfortably."
Rep. Chung Tae-ho, the ruling party's chief secretary on the Finance and Economy Committee, said, "Yesterday, Democratic Party members from the Finance and Economy Committee, Foreign Affairs and Unification Committee, and Trade, Industry, Energy, SMEs and Startups Committee held discussions with business leaders and the economic community."
"There was a common demand for swift passage of the Special Act on Investment in the United States, and normal deliberation of the bill took place at the special committee yesterday," Chung said.
The Special Act on Investment in the United States is scheduled for final review at the subcommittee meeting at 9 a.m. on the 9th, a vote at the subcommittee at 11 a.m., and processing at the plenary session at 2 p.m.
"If that happens, we will have cleared one hurdle of trade and diplomatic uncertainty," Chung added.
