Seoul city government announced it will strengthen monitoring to prevent hoarding and price manipulation as oil prices soar amid Middle East instability caused by the U.S.-Iran conflict.
On the 13th, Seoul Metropolitan Government stated, "To stabilize petroleum prices directly affecting citizens' lives, we will strengthen on-site inspections and price monitoring at gas stations jointly with district offices." The city added it will operate a "hoarding report center" and take strict action against violations.
With the government implementing a maximum petroleum price system starting that day, Seoul plans to intensify on-site inspections of city gas stations to monitor sales prices and unfair practices. The city will also activate cooperation with relevant agencies including the Korea Petroleum Quality & Distribution Authority's Northern Metropolitan Headquarters. When reports are received or violations suspected, authorities will take strict measures against serious offenses including hoarding, sales refusal, and price manipulation.
The hoarding report center will receive reports from citizens and businesses regarding inducement of excessive purchases, sales refusal, inventory concealment, and suspected price gouging. Reports can be filed through district websites or phone lines, and Seoul will accept reports 24 hours a day through the 120 Dasan Call Center. Seoul city, district offices, and the Korea Petroleum Quality & Distribution Authority will jointly respond to reports.
Seoul previously conducted on-site inspections of city gas stations from the 6th to the 13th of this month together with 25 district offices, completing inspections of 408 locations excluding closed stations. The inspections focused on verifying consistency between displayed and actual prices, gathering gas station opinions on recent price increases, identifying factors behind price hikes, and checking storage and sales facility operations. The city also requested gas stations to refrain from excessive price increases.
Kwon Min, head of Seoul's Climate and Environment Headquarters, said, "Seoul is closely monitoring the field to prevent citizen burden from oil price instability. As surging oil prices significantly impact overall prices, we will track unfair practices such as hoarding and sales refusal to the end and respond strictly, concentrating all administrative resources on stabilizing people's livelihoods."
