The temporary reduction on fuel taxes, which was set to expire at the end of this month, will be extended for another two months.

The Ministry of Finance and Economy announced today (September 18) during an Emergency Economic Headquarters meeting and Economic Ministers' meeting chaired by Deputy Prime Minister and Minister of Finance and Economy Koo Yoon-cheol that the measure was decided in consideration of the ongoing instability in the Middle East to alleviate the public's fuel cost burden while taking into account response capacity.


As a result, the tax reduction rates by fuel type will remain unchanged at 15% for gasoline, 25% for diesel, and 25% for butane through the end of November.

The fuel tax per liter, including the 10% value-added tax, will be maintained at 698 won for gasoline, which is 122 won lower than before the tax cut.

Diesel will remain at 436 won, down 145 won, and butane at 152 won, down 51 won.

To implement the extension of the fuel tax cut, the government plans to submit amendment decrees to the Enforcement Decree of the Individual Consumption Tax Act and the Enforcement Decree of the Transportation, Energy, and Environment Tax Act to a subsequent Cabinet meeting before putting them into effect.

(Photo: Yonhap News)