fuel tax cuts-expansion
S. Korea to expand fuel tax cuts amid surging energy prices
SEJONG, April 5 (Yonhap) -- South Korea will expand tax cuts on fuel consumption as part of efforts to ease inflation pressure that has been building up amid surging energy prices, the country's top economic policymaker said Tuesday.
The government will expand fuel tax cuts from the current 20 percent to 30 percent from early May to end-July as the Russia-Ukraine war has sent crude oil and other commodity prices even higher, Finance Minister Hong Nam-ki told an anti-inflation meeting.
The decision came as South Korea's consumer prices grew 4.1 percent in March from a year earlier, marking the fastest price growth in more than 10 years. In particular, the prices of oil-related products jumped 31.2 percent over the cited period.
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