Citing the finance ministry, South Korea has announced an extension of its temporary fuel tax reduction measures for an additional two months, keeping them active until the end of November. This decision comes in response to the ongoing instability in the Middle East, which continues to impact global energy prices.

The extension maintains the current reduction rates: a 15% cut for gasoline fuel taxes and a 25% cut for diesel and butane. These adjustments are intended to alleviate the financial burden on consumers amid fluctuating oil markets.

With value-added tax included, the gasoline fuel tax now stands at 698 won per liter, while diesel is set at 436 won per liter, and butane is at 152 won per liter. These rates reflect the reduced amounts applied under the prolonged policy.