Starting next month, the oil tax cut will be reduced...20% gasoline → 15% diesel → 23%

Oil tax cut extended by two months...Cutback
Oil tax cut...20% gasoline → 15% diesel → 23%
From next month, '1 liter gasoline 42 won ↑ 1 liter diesel 41 won ↑'

[Anchor]
Starting next month, the reduction in fuel taxes on gasoline and diesel will be reduced.

Some even predicted that the three-year oil tax cut might be over due to a deficit in tax revenue of nearly 30 trillion won, but the decision was made to cut it by two months.

Lee Seung-eun of the Ministry of Economy connects to the reporter for more information.

[Reporter]
The Ministry of Strategy and Finance said it will extend the oil tax cut for two months from next month to the end of the year, but partially reduce it.

As a result, the reduction will be reduced from 20% to 15% for gasoline, from 30% to 23% for diesel, and from 30% to 23% for LPG butane.

In the case of gasoline, as the oil tax cut is reduced by 5 percentage points, the price of gasoline will increase by 42 won per liter.

Diesel goes up 41 won per liter as the reduction rate is reduced by 7 percentage points.

LPG butane will go up 14 won per liter.

The oil tax cut is the third year in a row since November 2021, when international oil prices soared, making it the 12th decision to cut the tax.

There were many opinions that consumer price growth should enter the 1% range for the first time in three and a half years, fall below the government's target, and be reduced to a tax deficit of nearly 30 trillion won.

However, it seems that the government has come up with a step-by-step reduction plan in consideration of the impact on people's livelihoods on the high price of agricultural products and the possibility of a sudden change in the situation in the Middle East.

I'm Lee Seung Eun of YTN.