Amid soaring oil prices, the South Korean government and the ruling Democratic Party have announced a plan to temporarily cut fuel taxes by a record 20 percent.
That's the largest cut ever seen in the country's history.
The measure will take effect from November 12th to April 30th so for 6 months in total.
And gasoline, diesel and liquefied petroleum gas or LPG will be subject to the tax cut.
That would bring down the prices of gasoline by 1-hundred-64 Korean won roughly 14 cents per liter.
Diesel by 10 cents.
AndLPG by 3 cents.
Some consumers could pay up to 10 percent less than they do now.
"The average gasoline prices have been hovering around 17-hundred Korean won per liter which is about 1 dollar and 45 cents.
Seoul is seeing the highest prices, in some places nearly hitting 18-hundred won.
But when the measure takes effect, prices will fall back to around 16-hundred won, even in the capital."
Over the 6 month period, the measure could remove more than 2 billion U.S. dollars of economic burden, from people's shoulders.
The tax cut is larger than the 15 percent first reviewed by the government, which is by far the biggest one in record.
The decision comes amid mounting global price pressures, with South Korea's oil prices hitting the highest level in seven years.
"In our case, the price pressures are still lower than in advanced countries, but since it is directly related to people's lives, we cannot neglect the issue at any time."
Over the same period, the government also agreed to impose zero tariffs on liquefied natural gas or LNG down from the current two percent.
But considering the distribution time required,…. it would take some two weeks before consumers actually feel the change.
Lee Kyung-eun, Arirang News.