Full-scale Intergovernmental Discussions on Diesel Exhaust Fluid Shortage... Ministry of Economy and Finance Vice Minister Convenes Meeting

On the 7th, amid a nationwide shortage of urea solution, a vehicle is refilling urea solution at the Seoul Express Bus Terminal in Seocho-gu, Seoul. Photo by Mun Ho-nam munonam@

[Sejong=Asia Economy Reporter Kim Hyunjung] The government is set to intensify inter-ministerial discussions to devise measures against the shortage of urea solution caused by disruptions from China.

According to the Ministry of Economy and Finance on the 8th, Lee Eok-won, the first vice minister of the ministry, will chair a meeting this morning with first-level officials from the Ministry of Trade, Industry and Energy, the Ministry of Environment, the Fair Trade Commission, and other related agencies to discuss the urea solution situation. Following the meeting, the government is expected to launch an inter-ministerial task force (TF) and develop additional countermeasures centered around it.

Prior to this, on the previous day, Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki held an External Economic Security Strategy Meeting and announced plans to import urea solution through diplomatic channels and to prohibit and crack down on hoarding practices. The government has decided to import 20,000 liters (ℓ) of urea solution from Australia this week and announced that starting from the 8th, hoarding will be banned and joint inspections by related ministries will be conducted to stabilize supply and demand.

According to the announced notice, hoarding is defined as storing more than 10% above the average monthly sales volume, or failing to sell imported, manufactured, or purchased urea solution within 10 days of acquisition. Those caught hoarding urea solution will face imprisonment of up to three years or a fine of up to 100 million won.

This content was produced with the assistance of AI translation services.