SEOUL, Oct. 22 (Xinhua) -- South Korea's finance ministry said on Wednesday that it will extend fuel tax cut for two more months at a reduced rate.
Tax reduction on gasoline, diesel and liquified petroleum gas (LPG), set to end this month, will be extended by the end of December, according to the Ministry of Economy and Finance.
The tax discount rate on gasoline will be lowered from the current 10 percent to 7 percent, while the rate on diesel and LPG will be cut from 15 percent to 10 percent.
The ministry said the extended tax cut at a lower rate reflected the recent fuel prices and the burden on tax revenue, while continuing to ease the burden of fuel costs on people.
The fuel tax cut was first introduced in November 2021 to reduce consumers' energy costs.
The Asian country is especially vulnerable to volatility in global energy prices as it depends on imports for most of its energy needs.
