(Photo: Yonhap)
The chief policy maker of the ruling Democratic Party says the government will temporarily cut fuel taxes next month to help people at the pump amid concerns about inflation and rising oil prices.
Representative Park Wan-joo said the government and ruling party agreed to lower taxes on gasoline, diesel and liquefied petroleum gas (LPG) butane by 20 percent, the largest-ever cut, for six months from November 12 to April 30.
Under the plan, gas prices will go down by 164 won per liter and diesel by 116 won per liter.
Current 2 percent tariffs on liquefied natural gas (LNG) imports will be dropped to zero over the same period.
Prices at the pump have recently jumped to above 1,700 won, marking a seven-year high.
Finance Minister Hong Nam-ki said the government is reviewing further measures to help people cope with increasing price pressures, including a freeze on public utilities fees.
Please send comments to tbsefmnews@gmail.com / copyright © tbs. Unauthorized redistribution prohibited.
