South Korea to Lower Fuel Tax Amid Rise in Prices – Minister

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Fuel
Fuel

South Korea’s finance minister, Hong Nam-ki, said on Wednesday that the government is planning to lower gas tax to ease the burden put on consumers by growing prices.

As gas price in South Korea surpassed $1.45 per liter earlier this week, businesses asked the government to temporarily revise the tax, which accounts for about 40% of the price as the country depends heavily on energy imports.

“As the international oil prices are on the rise, driving up gasoline prices and putting upward pressure on consumer prices, we are considering such preemptive measures as a fuel tax cut,” Hong told a parliamentary audit, as quoted by the Yonhap news agency.

The government will unveil the tax revision “as early as next week”, Hong said.

South Korea’s price benchmark is Dubai crude, which grew $10 to $82 per barrel last week. The minister noted that the rise of the national average gas price to $1.48 per liter, as of Wednesday, is the highest since October 2018, when the government also had to temporarily reduce the tax.

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