South Korea's Ministry of Finance announced on Thursday that the country will extend its temporary fuel tax cut policy for another two months, through the end of April, to alleviate economic pressure on consumers amid ongoing volatility in global oil prices.

Under the latest extension, the current tax reductions—7% for gasoline and 10% for diesel and liquefied petroleum gas (LPG)—will remain in effect until April 30.

The decision takes into account uncertainties in both South Korean and international oil prices and aims to ease the burden of fuel expenses for the public.

South Korea first implemented the fuel tax cut in November 2021 in response to rising energy prices. Since then, the government has repeatedly extended the measure and adjusted tax rates in line with changes in the global energy market.

This latest move marks the 20th extension of South Korea's fuel tax reduction program.