South Korea's Ministry of Justice has ordered prosecutors to crack down on oil price collusion, designating such practices as "anti-social serious crimes" amid concerns over surging global oil prices triggered by the U.S.-Iran conflict.
Justice Minister Jung Sung-ho on Sunday classified collusion and unfair practices that exploit public hardship for profiteering as serious criminal offenses. He instructed the Supreme Prosecutors' Office to respond strictly in accordance with law and principles.
The directive follows President Lee Jae-myung's order at an extraordinary cabinet meeting Saturday, where he called for strong enforcement against hoarding and attempts to extract excessive profits from rising fuel prices.
"As Middle East instability grows, there is increasing risk of market manipulation through collusion and unfair trading practices using international oil price hikes as a pretext," the ministry said in a statement.
The ministry pledged to mobilize "all available law enforcement measures" against fuel price collusion, hoarding, fraudulent trading using fake news, illegal short selling, and stock market manipulation involving so-called "theme stocks" linked to the Middle East situation.
"The government will serve as a pillar firmly supporting people's livelihoods amid international uncertainty," the ministry said. "We will stand only on the side of the people and protect fair market order."
President Lee warned on his X account that "price-fixing collusion is a serious crime against the public," adding that perpetrators "will soon learn how severe the consequences are."
Meanwhile, fuel prices in Seoul have climbed sharply. According to Korea National Oil Corporation's Opinet, the average gasoline price in Seoul reached 1,925.47 won ($1.37) per liter at noon Sunday, the highest since August 2022. Diesel prices hit 1,945.62 won per liter, surpassing the 1,900-won mark for the first time since December 2022.
