South Korea to reduce tax breaks on oil products from November

SEOUL: South Korea has decided to extend subsidy measures for oil products by two more months until the end of December, but with lower rates of tax cuts, the finance ministry said on Wednesday.
From November, the rate of tax cuts for gasoline will be adjusted to 15 per cent from 20 per cent and those for diesel and liquefied petroleum gas butane to 23 per cent from 30 per cent, the ministry said.
South Korea started to offer oil tax breaks in November 2021 to help people cope with high living costs. They were meant to be temporary but have been extended several times, with modifications.