Korea to extend fuel tax cut through November amid price burdens
Korea will extend its fuel tax cut scheme by another two months through November to ease price burdens on the public amid protracted tensions in the Middle East, the finance ministry said Friday. The Ministry of Finance and Economy said the decision was made during an economy-related ministers' meeting chaired by Finance Minister Koo Yun-cheol, citing the need to ease the public's burden from…
Korea has decided to prolong its fuel tax cut program by two additional months until November, in an effort to alleviate financial strain on citizens amidst ongoing Middle East tensions, according to the finance ministry. This decision was reached during a meeting of economy-related ministers, chaired by Finance Minister Koo Yun-cheol, who cited the necessity of reducing the public's burden from rising fuel costs.
The current tax reductions of 15 percent for gasoline and 25 percent for diesel and butane, set to expire at month's end, will be maintained through the end of November. The finance ministry explained, "We have decided to maintain the current tax cut scheme, considering the country's ability to handle potential surges in oil price volatility."
They further stated that larger tax cuts will be retained for diesel, a crucial resource for industrial and logistics activities, and butane, widely utilized as fuel for small trucks.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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