Winter Fuel Taxes to Be Cut by 20%

  • Arirang News

    October 27, 2021 08:25

    The government has announced a plan to cut fuel taxes this winter by a record 20 percent to ease mounting price pressures.

    The measure comes as oil prices have hit the highest level in seven years at more than W1,700 per liter (US$1=W1,168).

    The tax cut will be in effect from Nov. 12 to April 30 for gasoline, diesel and LPG. It will bring down the price of gasoline by up to W164 a liter, diesel by W116 and LPG by W40.

    The last fuel tax cut was 15 percent in November 2018 when average oil prices exceeded US$80 per barrel.

    LNG tax, currently at two percent, will be waived entirely. Given distribution times, it will take about two weeks before consumers actually feel the change.

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