South Korean government plans to expand fuel tax cuts on gasoline and diesel March 27-May 31 in an effort to minimize the burden on the citizens amid rising crude oil prices, according to a statement.
- To expand tax cut on gasoline to 15% from 7%, diesel tax cut to 25% from 10%
- To implement naphtha export control from March 27; will provide low-interest rate loans for companies handling naphtha
- To expand financial support for companies impacted by the Middle East war to more than 4t won
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