Oil Industry Association "Record-Low Fuel Tax Cut, Actively Cooperating to Enhance Consumer Impact"
[Asia Economy Reporter Jeong Dong-hoon] The Korea Petroleum Association, Korea Petroleum Distribution Association, Korea Gas Station Association, and other petroleum and petroleum distribution-related associations have announced that they will actively cooperate to ensure that the fuel cost reduction effect from the government's statutory maximum fuel tax rate cut is felt as quickly as possible.
On the 27th, the Korea Petroleum Association stated that domestic refiners will actively participate in the government's measures to stabilize living expenses by immediately reflecting the tax reduction from the expanded fuel tax cut starting next month on the 1st and supply accordingly. They also plan to immediately lower prices at directly operated gas stations on the same day.
Petroleum distributor organizations such as the Petroleum Distribution Association and the Gas Station Association also sympathize with the government's intention to expand the fuel tax cut and have agreed to actively cooperate to ensure that the price reductions from refiners are reflected in the sales prices at dealerships and gas stations as quickly as possible.
The associations stated, "Given the serious situation with the largest-ever measure being implemented, the petroleum industry will do its best to shorten the period and stabilize prices by strengthening price monitoring and guiding gas stations for the prompt price reduction of general privately owned gas stations, so that the effect of the government's expanded fuel tax cut can quickly return as benefits to consumers."
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Meanwhile, the fuel tax was reduced by 20% starting November 12 last year and further reduced by 30% from the 1st of last month. However, to alleviate the burden of rising oil prices, the reduction rate will be expanded to the statutory maximum of 37% from the 1st of next month until the end of this year. Accordingly, taxes on gasoline will be further reduced by 57 KRW per liter, and diesel by 38 KRW per liter.
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