您的当前位置:首页 > 스포츠 > Korea extends fuel tax cut scheme until year's end 正文
时间:2023-11-29 03:55:55 来源:网络整理 编辑:스포츠
The Korean government will extend the current tax cut imposed on fuel until the end of the year, the
The Korean government will extend the current tax cut imposed on fuel until the end of the year, the Finance Ministry announced Monday, considering the escalated volatility in international oil prices following the renewed Israel-Hamas conflict.
Fuel tax reductions -- namely a 25 percent cut for gasoline as well as 37 percent cuts for diesel and butane -- which were to end in October, will last two more months through the end of this year, the ministry said.
Finance Minister Choo Kyung-ho assessed the conflict between Israel and Hamas militants' direct impact on the Korean economy, energy supply and demand has been limited, though it could lead to fluctuations in international oil prices.
“The risk on energy and the supply chain can strengthen depending on how the Israel-Hamas crisis rolls out,” Choo said at a governmental meeting Monday. “We cannot rule out the possibility of facing difficulties again (due to the crisis) at a time when global inflation has been somewhat brought down.”
Though Korea has seen no major impact from the Israel-Hamas conflict on the country's imports of crude oil as Choo said, a surge in oil prices will be unavoidable if it develops into a geopolitical crisis for the wider Middle East region.
“The crisis could lead to a rise in international oil prices and lead to escalated volatility on the real economy and financial market, including the foreign exchange market,” Choo explained.
In response, Korea is to continue its scheme to tame inflation by bringing down the retail oil prices. The cut pulls down fuel prices by cutting a tax worth nearly 200 won (15 cents) per liter, depending on the fuel type.
With local retail oil prices yet to reflect the Israel-Hamas conflict, figures inched down last week after reaching a peak earlier this month. It is the first time in 14 weeks for retail fuel prices to show a downward trajectory.
According to Opinet, a website operated by the Korea National Oil Corp., the retail price of gasoline stood at an average of 1,788.3 won per liter in the second week of October, down 7.7 won from the week before.
The price of diesel was 1,693.3 won per liter, down 3.8 won from the week before. It has moved down to the 1,600 won range a week after surpassing 1,700 won for the first time in nine months.
The government will also extend subsidies for cargo truck drivers and others using diesel, natural gas vehicles.
The fuel tax cuts were implemented from November 2021 as volatile energy prices weighs pressure on the Korean economy, which is heavily dependent on energy imports.
[Herald Interview] Nam Woo2023-11-29 03:44
S. Korea logs current account surplus for 4th month in August2023-11-29 03:21
N. Korea's Kim, Putin exchange congratulatory messages marking 75th anniversary of diplomatic ties2023-11-29 03:21
Israleli strikes flatten entire neighborhoods as Gaza faces imminent blackout2023-11-29 03:21
[Herald Interview] Nam Woo2023-11-29 03:20
민주당 개표 초반부터 환호성…김태우 캠프엔 적막 가득했다2023-11-29 02:18
Seoul shares open higher on US gains2023-11-29 01:50
More webtoon2023-11-29 01:44
[이번 주 리뷰]北,군사위성 발사…정부 온라인 장애속출(20~25일)2023-11-29 01:44
Sejong University ranks 8th among Korean peers in world university rankings for 3rd consecutive year2023-11-29 01:12
Two dead in Gyeongju construction site collapse2023-11-29 03:55
S. Korea warns of potential NK surprise attacks using Hamas tactics2023-11-29 03:41
Opposition calls for Yoon's overhaul of Cabinet after by2023-11-29 03:41
LG CNS launches new AI platform for corporate clients2023-11-29 03:23
Gangnam teen investigated for assaulting deliveryman with golf club2023-11-29 03:06
S. Korea keeping close tabs on reported repatriation of N.K. defectors from China: minister2023-11-29 02:52
S. Korea keeping close tabs on reported repatriation of N.K. defectors from China: minister2023-11-29 02:44
Art Busan's unveils galleries, theme for inaugural fair, Define Seoul2023-11-29 02:30
[Bills in Focus] Windfall tax on banks and urban infra refurbishment2023-11-29 02:05
Seoul shares open higher on US gains2023-11-29 01:50