SEOUL, March 26 (Xinhua) — South Korea planned to expand fuel tax cuts amid the continued Middle East conflict, the finance ministry said Thursday.
Starting from Friday, the current tax reduction rates of 7 percent for gasoline and 10 percent for diesel will be raised to 15 percent and 25 percent, respectively, according to the Ministry of Economy and Finance.
The fuel tax per liter, including value-added tax, will drop by 65 won (0.04 U.S. dollars) to 698 won (0.46 dollars) for gasoline and by 87 won (0.06 dollars) to 436 won (0.29 dollars) for diesel.
The fuel tax cut, originally scheduled to expire in April, will also be extended until the end of May.
The measures were aimed at stabilizing public livelihoods amid growing worry about supply-side inflationary pressures, driven by geopolitical risks in the Middle East.
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