South Korea will extend its fuel tax cut for an additional two months through the end of December in a bid to ease the financial burden on consumers amid ongoing volatility in global oil prices, the finance ministry said Wednesday.
Under the latest extension, the current tax reductions -- 10 percent on gasoline and 15 percent on diesel and liquefied petroleum gas -- will be adjusted to 7 percent for gasoline and 10 percent for diesel and LPG, according to the Ministry of Economy and Finance. The revised rates will remain in effect until Dec. 31.
The latest decision took into account the uncertainty in domestic and international oil prices, as well as consumer prices, and aims to alleviate fuel cost pressures on the public, according to the ministry.
South Korea first introduced the fuel tax cut in November 2021 as a response to rising energy prices. The government has since extended the measure, adjusting the rates in accordance with changes in the global energy market.
This latest move marks the 18th extension of the fuel tax relief program.
South Korea, which depends heavily on imports for energy, is particularly vulnerable to external price shocks, which often lead to domestic inflation. (Yonhap)
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