South Korea is cutting taxes on gasoline, diesel and LPG by up to 20 percent.
The ruling Democratic Party and the government held a meeting on Tuesday to ease the burden on consumers from surging retail prices.
As global crude oil prices are unlikely to fall in the near future, they agreed to cut the tax on gasoline, diesel and LPG butane by 20 percent.
The lower taxes will last for almost 6 months from November 12th to April 30th next year.
With this measure, gasoline prices are to drop by about 164 won or about 14 cents per liter while diesel is to fall about 10 cents.