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S. Korea to end tax cut on gasoline and diesel
Updated: 2019-08-22 16:29:09 KST
Prices at the pump will start to rise next month when a tax break on fuel comes to an end.
The finance ministry says it will not extend the temporary fuel tax cut,… which means gasoline will go up around 50 U.S. cents a liter and diesel about 30 cents.
Last November, the government had cut fuel taxes by 15 percent for six months to help ordinary citizens and boost the economy amid rising global oil prices.
In May, the ministry extended the tax cut for another four months but made it smaller.
Industry watchers say, the decision was made due to concerns over shrinking tax revenues and because oil prices have come down.
Reporter : jy_rachel@arirang.com