Starting tomorrow, the reduction in the fuel tax will be scaled back, causing the price of gasoline to increase by 41 won per liter (ℓ) and diesel by 38 won per liter.
According to the Ministry of Economy and Finance on the 30th, from the 1st of next month, the gasoline fuel tax reduction rate will be reduced from 25% to 20%, and diesel from 37% to 30%.
With the change in the reduction rate, the gasoline fuel tax will rise from 615 won to 656 won per liter, an increase of 41 won. The diesel fuel tax will increase from 369 won to 407 won per liter, up 38 won.
Accordingly, if a gasoline vehicle with a fuel efficiency of 10 km per liter drives 40 km daily, the monthly (30 days) fuel cost will increase by 4,920 won. For a diesel vehicle with the same fuel efficiency driving 40 km daily, the monthly fuel cost will increase by 4,560 won.
The Ministry of Economy and Finance explained that the decision to reduce the fuel tax cut was made considering the recent decline in international oil prices, the stabilization of consumer prices, and the impact on national finances.
The government has been implementing temporary fuel tax reductions on gasoline and diesel since November 2021, when international oil prices surged, and has continuously extended the expiration date. This reduction measure is scheduled to last until the end of August.
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