Korea imposes 30-day deadline and penalties on petroleum imports to curb hoarding

The Korea Customs Service has announced that petroleum products, including gasoline, diesel, and kerosene, have been designated as items subject to delayed import declaration penalties as part of new measures intended to curb stockpiling. The move comes amid a period of rising global oil prices and aims to prevent hoarding and market manipulation.

Under the measure, importers must declare petroleum products within 30 days of bringing the goods into Korea’s bonded zones, which are customs-controlled storage areas where duties can be deferred. If the declaration is filed late, an additional tax penalty ranging from 0.5% to 2% of the assessed value will be imposed, depending on the length of the delay.

The policy will remain in effect until the hoarding ban on petroleum products is lifted. Officials say they may add more items to the delayed declaration penalty list if market conditions continue to change, underscoring a flexible approach to market regulation.

A Korea Customs Service official said the move reflects a precautionary response to protect consumers, noting that Korea’s domestic oil product supply structure does not rely heavily on direct imports. The agency stressed the importance of compliance with reporting duties to prevent consumer harm.

For international readers, the decision highlights how Korea uses regulatory tools to manage commodity markets and protect supply chains. Bonded zones, where imported goods can be stored with deferred duties, are central to how such measures are implemented and monitored.

The development matters for U.S. readers because Korea is a major energy importer in Asia and a key part of global supply chains for refined petroleum products. Regulatory changes in Korea can influence regional pricing, trade flows, and the resilience of energy markets that connect with the United States.