South Korea Scales Back Fuel Tax Cuts with Lower Discount Rates
(MENAFN) On Tuesday, South Korea's finance ministry announced a two-month extension of the current fuel tax reduction, alongside changes to the discount rates.
Under the new scheme, the tax discount on gasoline will decrease from 15% to 10%, while the cuts for diesel and liquefied petroleum gas (LPG) will drop from 23% to 15%, as stated by the Ministry of Economy and Finance.
These revised rates will remain in effect until the end of June, continuing a tax relief policy first launched in November 2021 to help ease energy expenses for consumers.
Due to its heavy reliance on energy imports, South Korea is particularly sensitive to fluctuations in global energy prices.
In March, the nation's consumer prices climbed 2.1% compared to the same month last year, slightly up from the 2.0% increase recorded in February.
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