On Wednesday, South Korea's Ministry of Economy and Finance announced the extension of its fuel tax exemption policy for an additional two months, until the end of December, to alleviate the economic burden on consumers caused by the ongoing fluctuations in global oil prices. The current tax reduction rates — 10% for gasoline and 15% for diesel and liquefied petroleum gas (LPG) — will be adjusted to 7% for gasoline and 10% for diesel and LPG. The revised tax reductions will remain in effect until December 31. According to the Ministry, the latest decision takes into account the uncertainties surrounding domestic and international oil prices as well as consumer price fluctuations, aiming to ease the public's fuel cost pressure. South Korea first reduced fuel taxes in November 2021 to respond to rising energy prices. Since then, the government has continued to extend this measure and adjust the tax rates in accordance with changes in the global energy market. This latest move marks the 18th extension of South Korea's fuel tax exemption plan.