Gasoline tax cut to be reduced from tomorrow...Gasoline to rise by 41 won, diesel to rise by 38 won = Korea

Starting from the 1st, the reduction in gasoline tax will be reduced, while gasoline and diesel prices will all rise.
The reduction rate for phosphorus tax will be reduced from 25% to 20%, and for diesel from 37% to 30%. As the reduction rate is reduced, the gasoline tax will be reduced from 615 won (about 71 yen) per liter to 656
The price of diesel will increase by 38 won (about 5 yen) from 369 won (about 42 yen) to 407 won (about 47 yen). Considering the average price this week,
If the tax hike is implemented, gasoline and diesel prices are expected to rise to the 1,700 won (US$1.75) and 1,500 won (US$1.75) per liter, respectively.
The South Korean government will temporarily reduce oil taxes on gasoline and diesel from November 2021, when international crude oil prices soared.
The Ministry of Strategy and Finance recently decided to reduce the extent of the oil tax cut, taking into consideration the fall in international crude oil prices, the stabilization of consumer prices, and the impact on national finances.
The South Korean government will monitor the oil tax cut measures and the reduction in the reduction rate for two months, and then decide in August whether to extend the tax cut, taking into account the trends in prices and international crude oil prices.
It is planned to do so.