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The government has extended the fuel tax cut to the end of June as oil prices fluctuate with escalating tension in the Middle East.
The fuel tax cut may be increased to 30 percent from the current 20 percent as the war in Ukraine threatens to drive up the already high consumer prices. FInal decision to be made on April 5.
The domestic gas price crossed the 1,900 won mark for the first time since October 2013, as Russia's invasion of Ukraine drove up the global crude price.
Brent crude went up 18 percent as the trading started on Monday, hitting $139.13 per barrel at one point before falling back.
Fuel taxes are being cut 20 percent until the end of April. This is a bigger break than the last time international oil prices spiked -- in 2018 and 2019 -- when they were cut 15 percent. In fact, it is the sharpest cut in fuel taxes ever.
Electricity bills will be unchanged in the second quarter despite the fast rise in the international price of crude oil.
Korea JoongAng Daily Sitemap