Koo Yun-cheol: Ban on Hoarding and Reselling Petroleum Products Extended by Two Months

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\r\n[Financial News] Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol said on the 7th that the government will extend the ban on hoarding and reselling petroleum products by two months, until July, to prevent unfair practices such as refusing to sell fuel under the pretext of the petroleum ceiling price system.
\r\nKoo made the remarks while chairing the eighth meeting of the Ministerial Task Force on Special Management of Consumer Prices at Government Complex Sejong. He said the government would devote all its efforts to stabilizing prices and supply of petroleum products as well as other items closely tied to daily life, including food, medicines and medical devices.
The government plans to prepare improvement measures, including introducing fines and making active use of reward programs, to strengthen the effectiveness of price-stabilization steps such as the ban on hoarding and reselling.
At the meeting, officials discussed the fifth petroleum ceiling price plan, an assessment of recent consumer price trends and policy response measures, follow-up steps to improve the tariff quota system, inspections and improvements for customs clearance of imports affected by the Middle East war, and supply, price trends and response measures for medical products amid the conflict.
Regarding the fifth petroleum ceiling price, Koo said, "The fifth ceiling price, which will take effect at midnight on the 8th, is scheduled to be announced at 7 p.m." He added, "We will take into comprehensive consideration trends in international oil prices, petroleum consumption, fiscal conditions and the burden on the public."
The fourth petroleum ceiling price system is currently in effect. Gasoline has been frozen at 1,934 won per liter, while diesel has been kept at 1,923 won per liter, with the prices held steady three times.
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skjung@fnnews.com Jung Sang-gyun Reporter