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South Korea tightens scrutiny of oil market, signals tougher response to price spikes

( March 5, 2026, 07:46 GMT | Official Statement) -- MLex Summary: South Korea’s government convened the third inter-ministerial task force meeting on special management of living costs on Thursday to review energy price trends and countermeasures as Middle East instability heightens volatility in raw materials and fuel. Officials from finance, industry and other ministries said they will mobilize available tools to deter excessive price hikes that exploit the situation, including a fast review of a possible legal cap on retail petroleum prices and stepped-up multi-agency inspections of the oil market. Ju Biung-ghi, chair of the Korea Fair Trade Commission, said the agency is already monitoring gas-station prices nationwide with other agencies and will move swiftly against suspected price collusion or deceptive sales. He said scrutiny will widen to other essential goods to prevent unjustified increases, hoarding or other unfair conduct.Statements are attached (in Korean)....

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