6-Month Fuel Tax Cut Starts

  • Arirang News

    November 12, 2021 08:30

    Fuel tax is being cut by a record 20 percent on Friday in an effort to ease mounting inflationary pressure.

    The tax cut stays in place until April 30 next year and means a decrease of W164 per liter for gasoline, W116 per liter for diesel and W40 per liter for LPG (US$1=W1,183).

    But given distribution times, it will take about two weeks before consumers actually feel the reduction.

    Pump prices have been rising amid international energy supply shortages and U.S. reduction in crude oil production.

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