S. Korea to end tax cut on gasoline and diesel
- 5 years ago
'유류세 인하 종료'... 내달부터 휘발유 58원 오른다
Prices at the pumps will start to rise next month when a tax break on fuel comes to an end.
The finance ministry won't extend the temporary fuel tax cut,… meaning gasoline prices will go up around 50 U.S. cents a liter... and diesel about 30 cents.
Last November, the government cut fuel taxes by 15 percent for six months to ease burden on citizens and boost the economy amid rising global oil prices.
In May, the ministry extended the tax cut for another four months but made it smaller.
Industry watchers say, the decision was made due to concerns over shrinking tax revenues and also because oil prices have come down.
Prices at the pumps will start to rise next month when a tax break on fuel comes to an end.
The finance ministry won't extend the temporary fuel tax cut,… meaning gasoline prices will go up around 50 U.S. cents a liter... and diesel about 30 cents.
Last November, the government cut fuel taxes by 15 percent for six months to ease burden on citizens and boost the economy amid rising global oil prices.
In May, the ministry extended the tax cut for another four months but made it smaller.
Industry watchers say, the decision was made due to concerns over shrinking tax revenues and also because oil prices have come down.