[Anchor]
The government has decided to extend the fuel tax reduction measure, which was scheduled to end at the end of this month, until the end of October.
According to the government, the decision to extend the measure for two more months until the end of October was made in response to the increased volatility in international oil prices due to the conflict situation in the Middle East.
Reporter Lee Seung-hoon brings us the details.
[Report]
Today, the government held an economic ministerial meeting and decided to extend the temporary fuel tax reduction measure, which was set to expire on the 30th of this month, until October 31st for an additional two months.
The elastic tax reduction measure on fuel was implemented in November 2021 during the COVID-19 pandemic, and has been extended eleven times until this month. This latest extension marks the twelfth time.
However, the reduction rate has been decreasing since last month. The government is currently applying a 20% reduction rate for gasoline and a 30% reduction rate for diesel and liquefied petroleum gas.
By maintaining this reduction for two more months, consumers will be able to purchase gasoline at a discount of 164 won per liter, diesel at 174 won, and liquefied petroleum gas at 61 won.
The government explained that the background for extending the fuel tax reduction was due to concerns about tensions in the Middle East, including the Iran and Israel conflict, domestic price situations, and other factors.
According to the government, as a result of this measure, tax revenue related to fuel could be lower than originally estimated.
Originally, the government expected that revenue from transportation energy environmental tax this year would increase by about 40% compared to last year’s settlement, reflecting the gradual termination of the fuel tax reduction measure.
This has been KBS News reporter Lee Seung-hoon.
Video editing by Cha Jung-nam
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Last updated by KBS News on: 2025