South Korea: ROK extends petroleum hoarding ban to July.

Shotlist FILE: Seoul, ROK - 2025 1. ROK national flags Seoul, ROK - April 2, 2026 2. Various of gas station 3. Various of traffic; pedestrians; national flags of ROK FILE: ROK - Exact Location and Date Unknown 4. Vessels, cranes, containers, other facilities at port ROK - April 2026 5. Various of containers, trucks at logistics hub 6. Various of trucks at filling station FILE: Seoul, ROK - Date Unknown 7. Various of city view FILE: ROK - Exact Location and Date Unknown 8. Port scene FILE: Kharg Island, Iran - 2016-2018 9. Various of ships, oil facilities Storyline The Republic of Korea (ROK) announced on Thursday it will extend the temporary ban on petroleum product hoarding and market monopolies until the end of July, responding to tight supplies and price pressures caused by Middle East instability. The government's measure, introduced in March and set to expire May 12, aimed to curb illegal stockpiling and ensure stable oil supplies for the highly import-dependent country. Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol said Thursday the extension is needed to prevent refusals to sell petroleum products under the pretext of price fluctuations. He also noted that further steps such as extra penalties and whistleblower rewards are being considered to crack down on violations. Under ROK law, illegal hoarding or monopolistic behavior can result in up to three years in prison or fines up to 100 million won. Koo also announced the country's fifth round of oil price cap measures would come into effect at 0:00 on May 8. The price cap system was first introduced on March 13 by the government to curb domestic oil price volatility. It is the first time since 1997 that the government has used legal provisions to limit oil prices. The cap sets maximum prices for products supplied by refiners to gas stations and distributors, adjusting every two weeks based on global prices. To maintain supply, authorities require monthly oil release to the market to reach at least 90 percent of the volumes seen in March and April last year, and have pledged financial support for refiners facing losses under the new rules. [Restrictions: No access Chinese mainland/Al-Arabiya/Persian language TV Stations outside Iran. Strictly No Access BBC Persian/VOA Persian/Manoto TV/Iran International TV]