The Fair Trade Commission(FTC) will inspect whether the oil refinery industry engaged in price fixing schemes as part of government efforts to ensure that consumers are properly benefiting from cuts in oil taxes.

According to related government agencies on Monday, the government will form a joint inspection team comprising officials from the energy ministry and FTC to check whether any unfair business practices are being carried out in the oil refinery industry.

The team will focus on confirming whether any oil refiners or gas stations unfairly raised prices amid the rise in global oil prices.

Amid growing inflationary pressure from surging energy prices, the government has cut fuel taxes by 30 percent. Starting from Friday, the reduced margin rate will be expanded to 37 percent.

Concerns have been raised that oil refiners and gas stations are the sole beneficiaries of the oil tax cuts as it is difficult to accurately determine how much consumers are saving with the tax cuts given that energy prices are continuously rising.