Police to Take Stern Action Against Hoarding and Cornering Amid Soaring Fuel Prices

Chief of National Investigation Headquarters: "Responding with the Recognition of a Serious Crime"

The police have issued a stern warning about illegal activities such as 'petroleum hoarding' amid rising oil prices.

On March 16, Sungjoo Park, Chief of the National Investigation Headquarters at the National Police Agency, stated in an official message, "Illegal acts related to oil prices—such as hoarding, cornering the market, and disrupting distribution order by taking advantage of global uncertainty and rising oil prices—are serious crimes that threaten the livelihoods of ordinary people and undermine market order." He added, "The government is implementing stabilization measures, including bans on cornering the market and setting maximum supply prices. The police will respond strictly to ensure these policies are effective."

Sungjoo Park, Chief of the National Investigation Headquarters at the National Police Agency. Photo by Yonhap News

The police announced plans to strengthen inspections across the entire distribution process to stabilize oil prices and establish sound order in distribution. They will comprehensively gather intelligence on illegal activities and conduct joint crackdowns with relevant agencies.

Chief Park emphasized, "We will thoroughly track and take strict action against market-disrupting acts such as cornering the market and hoarding. In particular, we will focus enforcement capabilities on crimes that disturb public prices, such as fraudulent subsidy claims and the manufacture or distribution of fake petroleum products. If illegal acts are identified, we will launch active investigations and impose severe penalties in accordance with the law and principles."

The police are also actively responding to voice phishing and smishing schemes that exploit the unstable international situation. Notices warning against phishing attempts using pretexts like 'fuel cost support' or 'emergency aid' have been posted on the Integrated Response Team for Telecom Financial Fraud's website. Chief Park urged the public, "Please be careful not to be deceived by fake policy-related text messages—such as those offering fuel cost support—into installing malicious apps or entering personal information on fake websites."

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