SEOUL, Nov 8 (NNN-YONHAP) – South Korea will crack down on illegal hoarders of urea water solution, amid a supply shortage of the material, used in diesel vehicles to reduce emissions, the government said today.
Those who do activities cornering the urea water solution market, will face up to three years in jail or a fine of up to 100 million won (84,500 U.S. dollars), according to the joint statement, by the environment and industry ministries, the Korea Fair Trade Commission, the National Tax Service, the Korea Customs Service and the National Policy Agency.
Manufacturers, importers and retailers of the urea water solution will be banned from hoarding over 10 percent of the material, which they sold on a monthly average last year.
A total of 31 teams from the ministries and agencies, composed of 108 personnel, would inspect more than 10,000 companies relevant to the distribution of the material.
According to local media reports, the price for the urea water solution skyrocketed as high as 10 times, in some of the illegal online trading, amid the supply shortage.
The government planned to import 200 tonnes of urea from Vietnam next week, while importing 27,000 litres of urea water solution from Australia, including 20,000 litres, planned for this week.
It aimed to import about 10,000 tonnes of urea from Vietnam and other countries to solve the supply disruption.
To help lower the high price, the government will cut import tariffs on the material to zero from 5-6.5 percent.
