▲ Deputy Prime Minister and Minister of Strategy and Finance Chu Kyung-ho is answering questions from lawmakers at the general meeting of the Planning and Finance Committee held at the National Assembly in Yeouido, Seoul on the 17th. (Go Iranian reporter photoeran@)
Deputy Prime Minister and Minister of Strategy and Finance Choo Kyung-ho said on the 17th, “We will prospectively reconsider extending the oil tax cut.”
On this day, Deputy Prime Minister Chu attended the plenary meeting of the National Assembly Planning and Finance Committee and made the announcement.
Deputy Prime Minister Chu replied, “We will review it again prospectively in terms of the burden on people’s livelihood,” when asked about the opinion of the ruling party’s request that Rep. Joon-young Bae’s oil tax cut should be extended.
At the People’s Power Supreme Council meeting this morning, Park Dae-cheol, chairman of the People’s Power Policy Committee, said, “Considering the recent price and oil price trends, and the burden on the people, we urge the government to actively consider the extension of the oil tax cut, which ends at the end of this month, for the time being.” spoke up
On the 13th (local time), Deputy Prime Minister Chu, who attended the meeting of finance ministers and central bank governors of the G20 major countries (G20) held in Washington, DC, held a meeting and announced that “the fuel tax operation plan will be decided during this week.”
Initially, it was expected that the government would gradually abolish the current 25% and 37% oil tax cuts for gasoline and diesel while reducing the extent of the cuts.
However, with the recent surge in oil prices, it is interpreted that opinions have gathered to observe the situation while maintaining the current oil tax cut rate for the time being.
International oil prices recently fell to the $60 per barrel range at one point in March, but recently surpassed $80 per barrel as OPEC+ announced plans to cut production.