South Korea to extend fuel tax cut through November amid price burdens
SEOUL: South 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 West Asia, the Finance Ministry said Friday.
Seoul, South Korea announced Friday that it will extend its fuel tax cut scheme by two months, until the end of November, to alleviate the financial strain on citizens amid ongoing West Asia tensions (<source 79ffa4d7-9ac>). The decision was made during an economy-related ministers meeting chaired by Finance Minister Koo Yun-cheol, according to Yonhap (<source 79ffa4d7-9ac>).
The measure maintains the existing tax reductions of 15% for gasoline and 25% for diesel and butane, which were set to expire at the end of this month (<source 79ffa4d7-9ac>). The finance ministry stated that they decided to maintain the current tax cut scheme due to the country's ability to handle potential increases in oil price volatility (<source 79ffa4d7-9ac>).
Larger tax cuts will be kept for diesel, a crucial resource for industrial and logistics activities, and butane, widely used as fuel for small trucks (<source 79ffa4d7-9ac>).
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