Tag: fuel tax

fuel tax

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People walk by at a gas station in Seoul on May 6. [NEWS1]

Gov't to extend fuel tax cuts through July to combat rising energy costs

Korea will extend its fuel tax cut measures by two months, through the end of July, the government announced Thursday, as rising energy costs linked to the Iran war continue to weigh on household budgets.

2026.5.21

The prices of gasoline and diesel are displayed at a gas station in Seoul. [YONHAP]

Fuel tax cut extended through February as prices face instability

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.

2024.11.28

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Finance Minister Choi Sang-mok speaks during a meeting with ministry officials on inflation and other pending issues in Seoul on Monday. [YONHAP]

Gov't to mull extending fuel tax cut to curb inflation

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.

2024.3.18

First Vice Minister of Economy and Finance Bang Ki-sun speaks at a meeting held in central Seoul on Friday to discuss measures to tame inflation and revitalize the domestic economy. [MINISTRY OF ECONOMY AND FINANCE]

Finance ministry touts measures to stabilize prices ahead of Chuseok

The finance ministry announced a set of measures on Friday to stabilize prices ahead of next month’s Chuseok holiday.

2023.8.18

SK Innovation's oil refinery complex in Ulsan [SK INNOVATION]

Government pushes for tougher regulations on oil refiners after bountiful year

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.

2023.1.23

Fuel tax cuts

The fuel tax cut will be expanded to 37 percent from the current 30 percent starting July.

2022.6.30

A driver fills up his car at a gas station in Seoul on Sunday. According to Korea National Oil Corp., the average price of a liter of gasoline is down 0.57 won compared to the last week of March to 1,993.97 won. The average price in Seoul dropped 2.25 won to 2,052.74 during the same period. As gasoline prices continue to remain high due to the war between Russia and Ukraine, the Korean government is currently looking into increasing the fuel tax cut from the current 20 percent to 30 percent. The temporary cut is set to expire at the end of July. [YONHAP]

Gas tax talk

According to Korea National Oil Corp., the average price of a liter of gasoline is down 0.57 won compared to the last week of March to 1,993.97 won. The average price in Seoul dropped 2.25 won to 2,052.74 during the same period

2022.4.3

Gasoline sells for more than 2,000 won a liter at a gas station in Seoul. [YONHAP]

Fuel tax cut may be taken to 30 percent from 20 percent

The fuel tax cut may be increased to 30 percent from the current 20 percent as the war in Ukraine threatens to drive up the already high consumer prices. FInal decision to be made on April 5.

2022.3.31

Gasoline pumps at a gas station in Seoul. Inflation pressure caused by rising prices of international oil have become a major concern. [YONHAP]

20-percent fuel tax cut extended for additional 3 months

The fuel tax cut, which was to end in April, will be extended for another three months as the Russia-Ukraine conflict has pushed up the price crude oil Consumer prices in February were up 3.7 percent year-on-year.

2022.3.4

A man fills up his car at a gas station in Seoul on Sunday. Average gasoline prices nationwide rose on week by more than 30 won ($0.03) per liter, or 1.7 percent, to 1,762.8 won per liter in the fourth week of October. The government will cut fuel taxes by 20 percent from Nov. 12 to help ease the burden on households and companies due to hefty oil prices. [YONHAP]

Gas gamble

Average gasoline prices nationwide rose on week by more than 30 won ($0.03) per liter, or 1.7 percent, to 1,762.8 won per liter in the fourth week of October.

2021.10.31