Fuel Tax Cut Extended to End of November...100 Won Per Liter Reduction on Expressway Gas Stations During Chuseok Holiday

Deputy Prime Minister and Minister of Economy and Finance Koo Yun-chul stated at an emergency economic headquarters meeting combined with an economic ministers' meeting held at the Government Complex Sejong on the 18th, "Despite difficult external conditions such as the Middle East conflict, our economy is demonstrating solid fundamentals," and explained, "Exports are increasing significantly, domestic consumption and internal demand are showing signs of improvement, and global credit rating agencies Moody's and Fitch are positively evaluating our economy's steady growth momentum."

Deputy Prime Minister Koo continued, "However, uncertainty surrounding the Middle East situation is expanding again, with recent international oil prices rising sharply," and emphasized, "The government will maintain a heightened state of readiness and continue to sustain emergency response systems while making every effort to stably manage energy supply and prices."

Deputy Prime Minister Koo further stated, "Through active diplomatic efforts, diversification of import sources, and strategic petroleum reserve swaps, it is anticipated that there will be no significant disruptions to energy supply in the near term. However, we will operate a situation room jointly with the refining industry to check crude oil supply conditions on a daily basis and take necessary measures promptly."

The meeting discussed "response status review related to the Middle East conflict," "the 10th petroleum maximum price designation plan," "fuel tax operation measures after October," and "discount measures for fuel prices at expressway service station gas stations and electric vehicle charging fees during the Chuseok holiday," among other matters.

The government comprehensively reviewed recent international oil price conditions and public burden and decided to extend the fuel tax cut measure, which was scheduled to end this month, by an additional two months until the end of November. Gasoline will continue the 15% reduction rate, and diesel, which is essential for industry and logistics, and butane, used as fuel for common people such as small trucks, will maintain the current higher reduction rate of 25%.

Additionally, during the Chuseok holiday period (September 24-27), fuel prices at expressway service station gas stations nationwide will be reduced by 100 won per liter compared to the 17th level, allowing the public to share the burden of high oil prices and responding to public expectations regarding innovation in expressway rest area services.

So that the benefits of renewable energy expansion can reach the public, the government plans to offer discounts on electric vehicle charging fees during the Chuseok period when renewable energy supply such as solar power is abundant during daytime hours. The government plans to carefully review public livelihood in its entirety, including prices, and implement measures for public livelihood stability that the people can feel going forward.