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South Korea Extends Temporary Fuel Tax Cuts Through October

Officials cite persistent oil price uncertainty as justification for extending existing fuel tax cuts by two months through Oct. 31.

This undated file photo shows the prices of gasoline and diesel fuel at a gas station in Seoul. (Yonhap)
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Overview

  • The government announced a two-month extension of temporary fuel tax reductions until Oct. 31, 2025.
  • Existing cuts of 10% on gasoline and 15% on diesel and liquefied petroleum gas will remain in place throughout the extension.
  • Consumers will save roughly 82 won per liter of gasoline, 87 won per liter of diesel and 30 won per liter of LPG under the continued tax relief.
  • This latest decision marks the 17th renewal of the fuel tax relief program since its launch in November 2021.
  • Formal approval depends on amendments to enforcement decrees slated for a Cabinet meeting on Aug. 26, with the extension set to take effect on Sept. 1.