'Gasoline Price Cut of 205 Won per Liter' Extended for 2 Months... Government Announces Legislative Notice for Related Law Enforcement Decree

The government will extend the fuel tax reduction measure, which was scheduled to end at the end of this month, until the end of October.

The Ministry of Economy and Finance announced on the 17th that it has put forward a legislative notice for the amendment of the 'Enforcement Decree of the Transportation, Energy, and Environment Tax Act' and the 'Enforcement Decree of the Individual Consumption Tax Act.'

The ministry explained, "This amendment takes into account the burden of fuel costs on the public due to recent domestic and international fuel price increases."

The price reduction effect of 205 KRW per liter for gasoline, 212 KRW per liter for diesel, and 73 KRW per liter for LPG butane compared to the pre-reduction tax rates will be maintained for two months.

According to Opinet, the oil price information site of the Korea National Oil Corporation, as of the 16th, the price of gasoline was 1,731 KRW per liter, up 9.2% from the previous month (1,585 KRW).

Diesel rose 14.3% from the previous month (1,396 KRW) to 1,596 KRW per liter, while LPG butane fell 3.9% from the previous month (905 KRW) to 870 KRW per liter.

This amendment is expected to take effect from the 1st of next month after legislative notice, consultations with related ministries, and the Cabinet meeting.

As international oil prices continue to rise, the retail prices of gasoline and diesel at domestic gas stations have increased for three consecutive weeks. On the 31st, at a gas station in Seoul, gasoline was sold at 1,639 won per liter, and diesel at 1,499 won per liter. Photo by Jinhyung Kang aymsdream@

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