Seoul: Bans on hoarding urea, urea solution, medical syringes, and needles will be extended for two months amid ongoing concerns over potential supply disruptions, the finance ministry announced on Thursday.

According to Yonhap News Agency, the decision was made during an emergency ministerial-level meeting where the government decided to extend the ban on hoarding until October 31. This decision comes alongside an easing of stockpiling restrictions, as China has recently relaxed its stringent control on urea exports, reported the Ministry of Finance and Economy.

Under the updated measure, importers, manufacturers, and sellers are prohibited from holding more than 200 percent of their monthly average sales from the previous year for more than seven days. This is an increase from the prior limit of 150 percent. Urea plays a critical role in reducing emissions in diesel vehicles and is also essential for producing agricultural fertilizers. The original ban was implemented in March after Beijing significantly reduced its fertilizer and urea exports.

Additionally, a separate ban on hoarding medical syringes and needles will continue until the end of October. The ministry stated that under this measure, companies dealing in medical products are restricted from stockpiling more than 200 percent of their monthly sales recorded last year. This measure, initially put into place in April, aims to mitigate supply disruptions driven by increasing petrochemical prices due to military tensions between the United States and Iran.