Democratic Party "Amend Law to Cut Gasoline and Diesel Prices by 200 Won, Minimize Refiners' Excess Profits"

Additional Legislation to Further Reduce Fuel Tax
Recovery Efforts Through Excess Profit Funds of Refining Companies

Kim Seong-hwan, the Policy Committee Chairman of the Democratic Party of Korea, is attending the floor strategy meeting held at the National Assembly on the 21st and delivering opening remarks. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Naju-seok] Kim Seong-hwan, the Policy Committee Chairman of the Democratic Party of Korea, proposed measures such as flexible reduction of fuel tax and minimizing excess profits of oil refiners in response to the soaring oil prices. The Democratic Party also announced plans to lower fuel tax to reduce the price of gasoline and diesel by 200 won per liter.

On the 21st, Chairman Kim stated at the Democratic Party Policy Coordination Meeting held at the National Assembly, "Over the past three years, the world has barely overcome the huge obstacle of COVID-19," adding, "Just as we barely crossed that mountain, an even bigger mountain of high oil prices, high inflation, and high interest rates is blocking our way. If we cannot avoid this mountain, we must join hands and overcome it together." On the same day, as he visited gas stations, he mentioned that oil refiners are enjoying a boom and said, "Oil refiners are making record profits, so policies that actually reduce their taxes will be difficult to gain agreement."

He added, "While the world is reducing the suffering of ordinary people through wealth taxes amid high oil prices, President Yoon Seok-yeol is taking the opposite approach by implementing tax cuts for the wealthy, claiming that this is a global problem without fundamental solutions," and said, "I hope President Yoon will withdraw the corporate and wealthy tax cuts that go against the global trend even now."

Chairman Kim said, "The Democratic Party will hold a field meeting on the soaring oil prices," and added, "We will do our best to minimize the burden of oil prices on ordinary people by seeking additional flexible legislation on fuel tax and measures to minimize excess profits of oil refiners or recover funds through contributions."

Earlier, Park Hong-geun, the Democratic Party leader, said, "Instead of a half-measure that barely makes a difference, we will immediately push for amendments to related laws to reduce gasoline and diesel prices by more than 200 won so that the public can feel the impact," and added, "We will demand shared pain from the oil refining industry."

After the meeting, he told reporters regarding oil prices, "We need to add legislation to increase the government's flexible tax rate so that, at least in the current situation, the fuel tax reduction should be up to 50%."

This content was produced with the assistance of AI translation services.