Fuel tax cut reduced… Next month, gasoline prices will increase by 42 won per liter.

Fuel Tax Reduction Extended for Two Months… Considering Price Shock
Fuel tax reduction extended until December… Reduction percentage decreased
Reduction percentage… Gasoline 20%→15%, Diesel 30%→23%, ‘[Anchor]’,
, ‘From next month, the reduction rate for fuel taxes on gasoline and diesel will be decreased, resulting in a price increase of about 40 won per liter.’,
,
, ‘There was speculation that the fuel tax reduction might end due to a tax revenue shortfall nearing 30 trillion won, but it seems to have been considered with price shock in mind.’,
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, ‘Let’s connect with reporter Lee Seung-eun from the economic department for more details.’,
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, ‘[Reporter]’,
, ‘The Ministry of Economy and Finance announced that the fuel tax reduction will be extended for two months until the end of the year, but with a partial restoration of the tax rate.’,
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, ‘As a result, the reduction rate for gasoline will decrease by 5 percentage points from the current 20% to 15%, and for diesel and LPG butane from 30% to 23%, a reduction of 7 percentage points.’,
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, ‘This means the price of gasoline will increase by 42 won per liter, diesel by 41 won, and LPG butane by 14 won.’,
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, ‘Currently, the average price of gasoline at gas stations nationwide is in the high 1,500 won range, which will rise to the 1,600 won range.’,
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, ‘Prior to this decision, there were considerable opinions that the fuel tax reduction, which had been in place for three years, should be restored.’,
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, ‘This is due to the consumer price inflation rate entering the 1% range for the first time in three and a half years and a projected tax revenue shortfall of 29.6 trillion won.’,
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, ‘The transportation energy environment tax, a part of the fuel tax, is expected to collect 11.2 trillion won this year, which is 4.1 trillion won less than the original budget, significantly impacting finances.’,
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, ‘However, considering the potential price shock given the high prices of agricultural products, including cabbage, and the possibility of rapidly changing situations in the Middle East, a phased restoration was decided.’,
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, ‘The fuel tax reduction has been ongoing since November 2021, when international oil prices surged, marking this the twelfth decision.’,
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, ‘This has been Lee Seung-eun for YTN.’,
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