SEOUL, Nov. 11 (Yonhap) -- South Korea will extend its fuel tax cuts by another two months through January to ease the financial burden on the public amid lingering uncertainty in the Middle East, the finance ministry said Wednesday.
The Ministry of Finance and Economy said the decision was made at a meeting of economy-related ministers chaired by Finance Minister Lee Hyoung-il, taking into account the need to ease the burden on households and the government's capacity to respond to future price volatility.
Under the measure, the current tax cuts of 15 percent on gasoline and 25 percent on diesel and butane, originally set to expire at the end of this month, will remain in place through the end of January.
The government has maintained the rates since May.
The ministry said the larger tax cuts on diesel and butane reflect the importance of diesel to industrial and logistics operations and the widespread use of butane as fuel for small trucks.
Cars fuel up at a gas station in Seoul on Nov. 8, 2026. (Yonhap)
Cars fuel up at a gas station in Seoul on Nov. 8, 2026. (Yonhap)