SEOUL (Reuters) -South Korea has decided to extend subsidy measures for oil products by two more months until the end of December, but with lower rates of tax cuts, the finance ministry said on Wednesday.
From November, the rate of tax cuts for gasoline will be adjusted to 7% from 10% and those for diesel and liquefied petroleum gas butane to 10% from 15%, the ministry said.
The ministry said the decision reflected recent trends in oil prices and inflation, as well as the impact on public finances. South Korea started to offer temporary oil tax breaks in November 2021, extending them several times with modifications.
(Reporting by Jihoon Lee; Editing by Tom Hogue)
