Government Conducts On-Site Inspections of Gas Stations with High Gasoline Prices to Encourage "Participation in Price Stabilization"

Ministry of Industry Holds Oil Market Review Meeting

The government has decided to conduct on-site inspections targeting gas stations that are selling petroleum products such as gasoline and diesel at high prices before the Chuseok holiday. The purpose is to encourage price increase restraint.

According to the Ministry of Trade, Industry and Energy, Cheon Young-gil, Director of the Energy Policy Office, held a 'Petroleum Market Inspection Meeting' on the morning of the 14th and shared plans for on-site inspections of gas stations with related agencies.

Due to production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and the OPEC+ coalition of non-OPEC oil-producing countries, international oil prices have been continuously rising recently, causing domestic gasoline prices to exceed 1,700 won and diesel prices to surpass 1,600 won, increasing the burden on the public. Additionally, with travel demand expected to rise ahead of the Chuseok holiday, the meeting discussed measures to minimize the impact of rising international oil prices.

At the meeting, Director Cheon monitored whether the recent extension of the fuel tax reduction is being effectively reflected and urged the industry and related agencies to make voluntary efforts to stabilize prices.

To minimize the burden on the public during the holiday period, the Ministry of Trade, Industry and Energy will select gas stations selling at high prices and conduct on-site inspections over two weeks (from the 14th to the 27th) in cooperation with related agencies such as the Korea Petroleum Management Service and the Korea National Oil Corporation.

They plan to inspect petroleum product prices at these gas stations and check for illegal distribution of counterfeit petroleum products, as well as encourage the industry's participation in price stabilization. Additionally, focused inspections will be carried out at highway gas stations where usage is concentrated during the holiday period.

Director Cheon said, "Since petroleum products are essential goods for the public's daily life, we ask for maximum cooperation in price stabilization from the perspective of stabilizing the national economy," adding, "We will work with the industry and related agencies to ensure that domestic prices remain stable before and after the Chuseok holiday period."