South Korea extends fuel tax cut for two months, reducing discounts for gasoline and diesel.

South Korea will extend its fuel tax cut for two months, reducing discounts from 20% to 15% for gasoline and from 30% to 23% for diesel and liquefied petroleum gas. This decision, announced by the Finance Ministry, aims to alleviate economic burdens amid rising energy costs and inflation, reflecting adjustments based on global oil prices. The tax cut, initially introduced in 2021, has been modified multiple times to address ongoing economic challenges.

October 23, 2024
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