S. Korea to extend fuel tax cut for 2 more months

SEOUL, Oct. 23 (Xinhua) — South Korea’s finance ministry said Wednesday that it will extend tax cut on fuel for two more months with adjustments on discount rates.
A discount rate for tax on gasoline consumption will be lowered from 20 percent to 15 percent, while rates for diesel and liquefied petroleum gas will be slashed from 30 percent to 23 percent, according to the Ministry of Economy and Finance.
The adjusted rates will be applied for two months by the end of this year, prolonging the government’s fuel tax cut that started in 2021 to weaken inflationary pressure, caused by higher global crude oil prices.
The ministry noted that the fuel tax cut would be maintained to reduce people’s burden for energy cost, saying the discount rates were adjusted in consideration of crude oil prices and fiscal burden. ■