S. Korea To Extend Ban On Petroleum Hoarding For Another 2 Months

SEOUL, May 7 (Bernama-Yonhap) -- South Korea will extend its ban on hoarding petroleum products for another two months amid continued supply concerns stemming from the standoff in the West Asia, Yonhap News Agency reported, citing Finance Minister Koo Yun-cheol Thursday.

In March, the government announced a temporary ban on the hoarding and stockpiling of petroleum products to prevent unfair practices. The measure was originally set to expire next Tuesday.

“The notice banning the hoarding of petroleum products will be extended by two months through July to prevent unfair practices, such as refusing sales under the guise of the petroleum price ceiling,” Koo said while presiding over a ministerial-level economic policy meeting.

Koo also said the government would introduce additional measures, such as actively utilising a reward programme, to crack down on hoarding and other unfair practices.

The latest measure is part of the government's ongoing efforts to ensure a stable supply of essential goods, including food and medical supplies.

Another measure includes stricter enforcement against violations of the tariff-rate quota system applied to critical necessities.

The tariff-rate quota system allows a certain volume of imports to be subject to lower tariff rates within a specified limit.

Under the system, tariffs on selected items, mostly essential goods, can be reduced by as much as 40 percentage points.

Under the latest measures, starting Friday, the mandatory release period for imported sugar subject to tariff-rate quotas will be shortened from the current six months to four months.

-- BERNAMA-YONHAP