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South Korea Announces Extension of Fuel Tax Reductions
(MENAFN) South Korea's Ministry of Finance announced on Thursday that it will extend its fuel tax reductions for another two months to help alleviate rising fuel expenses for consumers.
The current tax breaks—10% on gasoline and 15% on diesel and liquefied petroleum gas (LPG)—will remain in effect until the end of October, as confirmed by the Ministry of Economy and Finance.
The ministry emphasized that this decision aims to reduce the financial strain on citizens amid ongoing instability in global oil prices.
Originally introduced in November 2021, the fuel tax cuts were designed to ease the burden of energy costs on South Korean consumers.
Given South Korea’s heavy reliance on energy imports, the nation is particularly vulnerable to fluctuations in global energy markets.
The current tax breaks—10% on gasoline and 15% on diesel and liquefied petroleum gas (LPG)—will remain in effect until the end of October, as confirmed by the Ministry of Economy and Finance.
The ministry emphasized that this decision aims to reduce the financial strain on citizens amid ongoing instability in global oil prices.
Originally introduced in November 2021, the fuel tax cuts were designed to ease the burden of energy costs on South Korean consumers.
Given South Korea’s heavy reliance on energy imports, the nation is particularly vulnerable to fluctuations in global energy markets.
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