Korea will extend its temporary fuel tax cut for an additional two months through the end of April in a bid to ease the financial burden on consumers amid ongoing volatility in global oil prices, the Finance Ministry said Thursday.
The government will extend its fuel tax cut for two more months through April in a bid to alleviate the financial burden on consumers, the Finance Ministry said Thursday.
Finance Minister Choi Sang-mok annouced that the fuel tax cut will be extended through February to alleviate the financial burden on low-income households.
The government has extended the fuel tax cut to the end of June as oil prices fluctuate with escalating tension in the Middle East.
Finance Minister Choi Sang-mok said Monday the government will review an extension of the tax cut on fuel consumption in an effort to curb inflation and ease economic burdens on the people.
The finance ministry announced a set of measures on Friday to stabilize prices ahead of next month’s Chuseok holiday.
As local oil refiners wrapped up a lucrative year boosted by strong crude prices worldwide, the government is pursuing harsher regulations, fueling a backlash from the industry.
The latest bill passed by National Assembly on Tuesday will allow the government to cut fuel taxes up to 55 percent, up from the current limit of 37 percent, until the end of 2024.
The fuel tax cut will be expanded to 37 percent from the current 30 percent starting July.
Gasoline is retailing at 2,012.33 won ($1.6) per liter, up 1.33 won in a day and near an all-time high. In Seoul, the price is 2,088.42 won per liter, up 2.33 won.
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