South Korea Extends Reduced Fuel Tax Rates Through Sept. 30

According to Yonhap, South Korea will keep reduced fuel tax rates in place through the end of September as tensions in the Middle East remain elevated. The Ministry of Economy and Finance said the current tax cuts of 15% for gasoline and 25% for diesel and butane, which were due to expire at the end of this month, will now run through Sept. 30. The ministry said the move leaves room for further fuel tax adjustments if oil prices become more volatile and is intended to ease energy costs, including for diesel used in logistics and butane used by small trucks.