South Korea to extend fuel tax cut scheme for two more months

South Korea will extend its fuel tax cut scheme by another two months through November, the government said on Friday in Sejong. The move is aimed at easing price burdens on the public as energy costs remain under pressure amid prolonged tensions in the Middle East.

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Finance Minister Koo Yun-cheol said the government would make diplomatic efforts and diversify import sources to address recent energy price volatility. He made the remarks during a meeting of economy-related ministers in the central city of Sejong.

Koo said global oil prices have recently risen sharply amid geopolitical tensions and that the government intends to remain vigilant. He added that Seoul will maintain an emergency response system to manage the supply of energy sources and their prices in a stable manner.

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Image Credit: 360LiveNews

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