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Tariff cuts for imported oil products will begin next month to minimize the effects of higher oil prices on consumers.
The Finance and Economy Ministry will lower tariffs on imported gasoline, diesel, kerosene and other oil products to three percent from five percent.
The spike in global oil prices over the last few weeks has raised the cost burden for Korea, the world's fourth-largest oil importer.
Prices of the country's benchmark import Dubai crude oil rose to almost US$67 a barrel late last month from an average of $59 in March.
Arirang News
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