Seoul: South Korea will extend its fuel tax cut for an additional two months through the end of October to ease the financial burden on consumers amid ongoing volatility in global oil prices, the finance ministry announced Thursday.

According to Yonhap News Agency, the current fuel tax reductions-a 10 percent cut on gasoline and a 15 percent cut on diesel and liquefied petroleum gas (LPG)-will remain in place until October 31. This decision aims to alleviate fuel cost pressures on the public, considering the uncertainty in domestic and international oil prices.

South Korea first introduced the fuel tax cut in November 2021 as a response to rising energy prices. Since then, the government has extended the measure multiple times, adjusting the rates based on changes in the global energy market. This latest extension marks the 17th iteration of the fuel tax relief program.

South Korea's heavy reliance on energy imports makes it particularly susceptible to external price shocks, which frequently lead to domestic inflation. The fuel tax cut is part of the government's effort to mitigate these effects on the economy and the public.