South korea: South Korea will extend its fuel tax cut scheme by another two months through November to ease price burdens on the public amid protracted tensions in the Middle East, the finance ministry said Friday. The Ministry of Finance and Economy stated that the decision was made during an economy-related ministers' meeting chaired by Finance Minister Koo Yun-cheol, citing the need to alleviate the public's burden from fuel costs.

According to Yonhap News Agency, the measure involves maintaining the current tax reductions of 15 percent for gasoline and 25 percent for diesel and butane, which were originally set to expire at the end of this month. These reductions will now remain in place through the end of November. The finance ministry emphasized the importance of maintaining the current tax cut scheme in light of the country's capacity to manage potential increases in oil price volatility.

The ministry highlighted that larger tax cuts will continue for diesel, which is crucial for industrial and logistics activities, and for butane, a common fuel for small trucks. This approach aims to support essential sectors while addressing possible fuel price fluctuations.