South Korea extends fuel tax cuts through November to ease consumer costs

South Korea’s Ministry of Finance and Economy said it will prolong one outlet fuel tax relief program for another two months, keeping the 15% reduction on gasoline and the 25% reductions on diesel and butane until the end of November. The extension was approved during an economy-related ministers’ meeting led by Finance Minister Koo Yun-cheol, which emphasized the need to ease the public’s burden as oil price volatility persists, partly due to prolonged tensions in the Middle East.

Officials noted that diesel remains critical for industrial and logistics sectors, while butane is widely used by small-truck operators. The tax cuts were originally set to lapse at the end of one outlet month. By maintaining the relief, the government aims to shield households and businesses from rising fuel costs.