The government will extend its fuel tax cut for two more months through April in a bid to alleviate the financial burden on consumers, the Finance Ministry said Thursday.
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 latest bill passed by National Assembly on Tuesday will allow the government to cut fuel taxes up to 55 percent, up from the current limit of 37 percent, until the end of 2024.
The fuel tax cut will be expanded to 37 percent from the current 30 percent starting July.
Gasoline is retailing at 2,012.33 won ($1.6) per liter, up 1.33 won in a day and near an all-time high. In Seoul, the price is 2,088.42 won per liter, up 2.33 won.
Divers line up at a gas station in Yongin, Gyeonggi, Sunday. A fuel tax cut of 30 percent was effective May 1 and will be in place until the end of July.
Korea JoongAng Daily Sitemap
