Seoul: The South Korean government has announced the extension of its fuel tax cut for an additional two months, continuing through April, as part of efforts to reduce the financial strain on consumers, according to the finance ministry.

According to Yonhap News Agency, the extended policy will uphold a 15 percent tax reduction on gasoline and a 23 percent cut on diesel and liquefied petroleum gas. These measures are set to remain effective until April 30. The fuel tax cut scheme was first introduced by South Korea in November 2021 and has been extended multiple times, with adjustments made to the reduction rates in response to global energy market conditions. This latest announcement marks the 14th extension of the initiative.

South Korea’s reliance on energy imports has been a significant factor in the government’s decision to implement these measures. Rising global oil prices have contributed to inflationary pressures, leading the government to adopt preemptive actions aimed at mitigating the impact on the domestic economy.