The government said Friday it will impose fines of up to 50 million won ($48,300) on those who hoard cigarettes in a bid to stabilize the market following its decision this week to hike tobacco prices.

The penalty will go into effect as of noon Friday, according to the Ministry of Strategy and Finance.

The government announced on Thursday that it plans to raise the price of cigarettes by 2,000 won per pack, an 80 percent increase, a move it said is aimed at lowering the country’s smoking rate, which is one of the highest among advanced countries.

“We made this decision to prevent market disruptions amid worries that cigarettes could be in short supply after the government’s move to hike tobacco prices,” the ministry said in press release.

The penalty is aimed at tobacco manufacturers and importers unloading cigarettes onto the market in excessive quantities and retailers hoarding them to maximize their profits. (Yonhap)