Lee thanks firms for cutting ramen and oil prices

Mar 13, 2026, 09:03 am

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President Lee Jae-myung speaks during a senior presidential aides meeting at the presidential office in Seoul on March 12. /Yonhap

Ramen prices in South Korea will be reduced by up to 100 won starting in April, as major food companies move to ease the burden of rising living costs. President Lee Jae-myung welcomed the decision, thanking companies for participating in efforts to overcome economic difficulties.

According to the food industry, prices of 41 ramen products will be lowered by about 40 to 100 won from April 1, while six types of cooking oil will see price cuts ranging from about 300 to 1,250 won.

During a senior aides meeting at the presidential office on March 12, Lee said he had been informed that cooking oil and ramen producers plan to lower prices for some products starting with shipments next month.

“This will greatly help reduce the burden of rising prices on the public and stabilize people’s livelihoods,” Lee said. “I would like to thank the companies that joined efforts to overcome the current crisis.”

Lee noted that it was unusual for companies to lower product prices during such a period of global uncertainty.

“It may be one of the first times that prices are being reduced during a period like this,” he said, adding that companies themselves face tough conditions due to intense global competition.

He urged businesses to consider the broader social context.

“South Korea is often said to have some of the highest prices in the world, and many ordinary people are struggling,” Lee said. “In this difficult time, I hope companies will think of themselves as members of a community and share some of the burden.”

Lee also instructed his aides to monitor market structures that may enable companies to exploit monopolistic or oligopolistic positions.

“This is not just about a few products,” he said. “As industries grow larger and more concentrated, there are increasing cases where dominant market positions are abused.”

He asked government ministries to identify such areas and actively investigate products where companies may be gaining unfair profits, taking corrective measures where necessary.

Earlier the same day, Lee also shared a news report about the ramen and cooking oil price cuts on the social media platform X.

“South Korea is notorious for having some of the highest prices in the world,” he wrote. “Unfair price hikes abusing monopolistic market power can no longer be tolerated.”

Lee added that while reducing product prices is not easy, the government will continue to strengthen market monitoring and price management to minimize the burden on the public.

He also warned that companies engaging in unfair practices such as collusion or abuse of market dominance would face strict investigation and sanctions from authorities including the Fair Trade Commission, the National Tax Service and investigative agencies.

Presidential spokesperson Kang Yoo-jung said the Lee administration has been communicating with major food companies through meetings and discussions, reviewing cost conditions and industry challenges in an effort to ease the burden of rising prices on the public.

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