Seoul, March 26 (QNA) - The Ministry of Finance and Economy of South Korea announced on Thursday that South Korea will significantly expand its temporary fuel tax cut in a bid to ease the financial burden on consumers amid the prolonged conflict in West Asia.
Under the latest measures, the tax reduction rate on gasoline will rise from 7 percent to 15 percent, and on diesel from 10 percent to 25 percent, as part of the government's efforts to support living costs.
The measure, which had been set to expire in April, will be extended through the end of May, according to the ministry.
As a result, fuel taxes per liter, including value-added tax, will fall by KRW 65 (USD 0.04) to KRW 698 for gasoline and by KRW 87 to KRW 436 for diesel.
The decision is aimed at easing the burden of rising oil prices and supporting small and midsize businesses, as well as vulnerable households affected by the prolonged conflict.
South Korea first introduced the fuel tax cut in November 2021 as a response to rising energy prices. The government has since extended the measure, adjusting the rates in accordance with changes in the global energy market. (QNA)