South Korea said Wednesday it will extend the tax cut on fuel by another two months with some adjustments amid the ongoing Middle East crisis.
The decision was aimed at reducing the scope of the discount by taking recent energy and inflation trends, along with their impact on the finances, into consideration, South Korea’s Ministry of Economy and Finance said in a statement.
Under the decision, South Korea will apply a 15% discount on gasoline consumption and a 23% cut on diesel and liquefied petroleum gas, according to Yonhap News Agency.
The South Korean government began implementing a fuel tax cut scheme in 2021 and has extended it since then, with the reduction rate being adjusted in accordance with global energy prices.
Source: Qatar News Agency