South Korea’s Finance Ministry will reduce tax deduction rates for oil products

South Korea: The finance ministry said on Wednesday that South Korea has agreed to prolong its oil product subsidies for an additional two months, until the end of December, albeit with reduced tax cuts.

The ministry said that starting in November, the tax reduction for gasoline would be reduced from 20% to 15% and for diesel and liquefied petroleum gas butane from 30% to 23%.

In order to help citizens deal with the high cost of living, South Korea began offering oil tax cuts in November 2021. Originally intended to be transitory, they have been extended many times with changes.