S. Korean gov't extends fuel tax cuts with partial rollback amid falling oil prices

The government is planning a partial rollback of its tax cuts on fuel in light of falling global oil prices.

The current rates are set to expire at the end of this month and the new rates will be in place until the end of June.

Accordingly come May the tax break for gasoline will be eased to 10 percent from 15 percent while for diesel the cut will be adjusted to 15 percent from the current 23 percent.

Such relief measures have been in place since late 2021.