Fuel Tax Reduction Extended for 2 More Months Until End of October

[Financial News] 
The government has decided to extend the temporary reduction of fuel tax, which was scheduled to end in late August, for an additional 2 months.
 The Ministry of Strategy and Finance announced on the 14th, "We plan to extend the temporary reduction of fuel tax on transportation fuel, which is scheduled to end on the 31st, for an additional 2 months until October 31."
 The reduction rates are 10% for gasoline and 15% for diesel and liquefied petroleum gas (LPG) butane.
 The Ministry of Finance stated, "This extension is in consideration of the uncertainty of domestic and international oil prices and the burden of fuel costs on the public."
 Currently, the rise in international oil prices is contributing to the increase in consumer prices. The Korea Development Institute (KDI) pointed out the uncertainty of international oil prices and predicted that the consumer price inflation rate will be 2.0% this year.
 With this measure, the price reduction effect will be maintained for 2 more months, with gasoline reduced by 82 won per liter, diesel by 87 won per liter, and LPG butane by 30 won per liter.
 Meanwhile, the enforcement decrees of the 'Transportation, Energy, and Environment Tax Act' and the 'Individual Consumption Tax Act' to extend the temporary reduction of fuel tax will go through the Cabinet meeting on the 26th and be implemented from September 1.

spring@fnnews.com Lee Bomi Reporter