Temporary fuel tax reductions & price regulation

Last updated: 17 November 2022

In answer to the global energy price crisis, the Korean government implemented a number of measures to limit the rise in domestic retail energy price:

-Taxes on gasoline, diesel and LPG were reduced by 20% from 12 November 2021 to end April 2022; these tax reductions were then increased to -30% until July 2022, and to - 37% until the end of 2022;
- Import tariffs on LNG were removed from November 2021 to March 2023;
-Income tax reductions for public transport expenses will be doubled (to reach 80% of expenses) for the second half of 2022

The Korean government also froze gas tariffs from November 2021 to March 2022, through the State-owned Korea Gas Corporation Company.

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