SEOUL, Apr 22 (NNN-YONHAP) – South Korea’s finance ministry said today that, it will extend the fuel tax cut for two more months, with adjustments to discount rates.
A tax discount rate on gasoline consumption will be cut from 15 percent to 10 percent, while discount rates on diesel and liquefied petroleum gas (LPG) will be lowered from 23 percent to 15 percent, according to the Ministry of Economy and Finance.
The adjusted rates will be applied by the end of June, prolonging the fuel tax cut that was introduced in Nov, 2021, to reduce consumers’ energy costs.
South Korea is especially vulnerable to volatility in global energy prices, as it depends on imports for most of its energy.
The country’s consumer prices rose 2.1 percent in March, from a year earlier, after gaining 2.0 percent in the previous month.– NNN-YONHAP
