South Korea extends fuel tax cuts through November

The South Korean government has announced an extension of its temporary fuel tax reduction program through November 30. This measure aims to alleviate the financial burden on citizens amid rising global oil prices driven by geopolitical tensions in the Middle East.

The extension maintains current tax cut levels: a 15% reduction for gasoline and a 25% reduction for diesel and butane. To further support consumers during the Chuseok holiday (September 24–27), 226 gas stations managed by the Korea Expressway Corporation will offer a discount of 100 won per liter.

Finance Minister Koo Yun-cheol stated that the government will maintain an emergency response system to manage energy supply and price stability. This includes diversifying import sources, utilizing strategic oil reserve swaps, and operating a daily monitoring team with the oil refining industry to ensure stable crude oil supplies.