[2021 National Audit] Hong Jeong-min "Oil Prices Soar Due to Increased Demand After COVID-19... Fuel Tax Should Be Reduced by 15%"

"Active relief policies needed for small business owners and low-income people amid the COVID-19 crisis and soaring oil prices"

[Asia Economy Reporter Joo Sang-don] Due to the surge in demand following COVID-19, oil prices have skyrocketed, prompting calls to reduce fuel taxes to support small business owners and low-income people.

On the 15th, Hong Jeong-min, a member of the National Assembly's Industry, Resources, Trade, and Small and Medium Venture Business Committee from the Democratic Party of Korea, stated, "With the COVID-19 crisis compounded by soaring oil prices, active relief policies for small business owners and low-income people are necessary," adding, "Compared to past cases, there is sufficient need to lower fuel taxes, and a 15% reduction in fuel tax should be pursued."

On the 11th, the price of West Texas Intermediate crude oil reached $80.52 per barrel, marking the highest level in seven years since October 2014, while Brent crude also hit a record high of $83.62, the highest since 2018. According to data confirmed by Hong from the Korea National Oil Corporation, the average gasoline price in the Seoul area on the 13th was 1,742 won, higher than 1,725 won in November 2018 and 1,554 won in May 2019, when previous fuel tax cuts were implemented.

Hong said, "Along with the fuel tax reduction, we plan to request the Korea National Oil Corporation to lower the prices of fuel products such as gasoline sold at Altteul gas stations."

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