Korea to extend fuel tax cuts through end of September amid energy volatility

South Korea will maintain reduced fuel tax rates through the end of September, the finance ministry said Friday, amid renewed geopolitical tensions in the Middle East.

Under the measure, the current tax reductions of 15 percent for gasoline and 25 percent for diesel and butane, originally set to expire at the end of this month, will remain in place through Sept.

30, according to the Ministry of Finance and Economy.

"Amid lingering geopolitical instability in the Middle East, the government has decided to leave room for future fuel tax adjustments to address further volatility in oil prices," the finance ministry said.

The latest decision is expected to ease the public's energy cost burden by managing the prices of diesel used in logistics and butane used for small trucks, the finance ministry said. ...