South Korea Extends Fuel Tax Cut Amid Soaring Oil Prices
The South Korean government has extended its fuel tax cut through November 30 in response to soaring international oil prices. The move aims to prevent rising oil costs from spilling over into inflation and household burdens.
Deputy Prime Minister Koo Yun-cheol stated that 'uncertainty surrounding the Middle East situation is expanding again, with international oil prices rising sharply.' He pledged to maintain the emergency response system without letting down their guard and ensure stable management of energy supply and prices.
The fuel tax reduction rates for gasoline, diesel, and Bhutan have been adjusted in stages over time. The current rate for gasoline is 15%, while diesel and Bhutan are at 25%. The government projects no major disruption to South Korea's domestic energy supply in the near term.