Breaking News Oil Tax Cuts Down Next Month...20% gasoline → 15% diesel → 23%

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

The Ministry of Strategy and Finance announced a partial reduction of the flexible fuel tax rate from 20% to 15% for gasoline and 30% to 23% for diesel for two months from November to the end of the year.

As a result, in the case of gasoline from next month, the oil tax cut will be reduced by 5 percentage points, and the price of gasoline will increase by 42 won per liter.

Currently, diesel, which is subject to a 30% oil tax cut, has a reduction of 23% and goes up 41 won per liter.

The government extended the oil tax cut, which is scheduled to end at the end of this month, until the end of the year, reducing some gasoline and diesel taxes.

The oil tax cut is the third year in a row since November 2021, when international oil prices soared.

Last month, consumer price growth entered the 1% range for the first time in three and a half years, and there are many opinions that oil taxes should be normalized due to lack of tax revenue, but it is interpreted that the government has come up with a plan to normalize the reduction rate in stages in consideration of the impact on people's livelihoods.