President Lee Jae Myung speaks at a Cabinet meeting at Cheong Wa Dae on Tuesday. [Yonhap]
President Lee Jae Myung speaks at a Cabinet meeting at Cheong Wa Dae on Tuesday. [Yonhap]

President Lee Jae Myung said Tuesday that the government's oil price cap should be strengthened rather than eased, citing a sharp rise in oil prices driven by the deteriorating situation in the Middle East.

Lee made the remarks while presiding over the 31st Cabinet meeting at Cheong Wa Dae that morning. "Under the original plan, we should have lowered prices further or scrapped the cap by now — but it seems we need to tighten it instead," he said. He added that an early end of war or truce showed no clear signs of materializing, and that the government needed to keep a close watch on the impact on domestic prices.

Lee also said the government must prevent hoarding and other corrupt practices from taking hold amid unstable domestic and international conditions. "Managing and controlling prices is no easy task," he said, directing officials to ensure that corruption does not creep into the process — whether through tariff quotas or low-cost imports.

He went on to say that if oil prices continue to rise or conditions worsen, hoarding could surge again. "I would like the Fair Trade Commission and other relevant agencies to stay alert and, when cracking down on hoarding, move early to strengthen the seizure and confiscation of hoarded goods from the outset," he said.

Lee said authorities should act preemptively to seize goods and, if necessary, put confiscated items up for public auction. "Make it possible to resolve these situations early, even if that requires amending the relevant laws," he said. "Please also review any necessary legislative changes to ensure seizures can proceed smoothly."

He said the principle of strict enforcement should be made clear, given that hoarding "can occur across many sectors."


moone@heraldcorp.com