S. Korea to extend fuel tax cut through Nov. amid price burdens

SEOUL, September 18 (Yonhap) -- The South Korean government has announced that it will extend its fuel tax cut scheme by two months until November, in an effort to alleviate the financial strain on citizens amid ongoing tensions in the Middle East, according to the Ministry of Finance and Economy. The decision was made during an economy-related ministers' meeting chaired by Finance Minister Koo Yun-cheol, following consultations on the need to mitigate the burden caused by rising fuel costs.

The tax reductions, currently set at 15 percent for gasoline and 25 percent for diesel and butane, which were originally scheduled to expire at the end of September, will remain in effect through the end of November. Finance officials expressed confidence in the nation's ability to handle potential fluctuations in oil prices, stating that the government has decided to maintain the larger tax cuts for diesel and butane, which are crucial for industrial and logistics operations, as well as for small trucks that widely use butane as fuel.