The Korea Times
The government announced Thursday it will more than double fuel tax cuts on liquefied petroleum gas (LPG) butane products starting next month, while pushing for stronger penalties against collusion, in a bid to stabilize market prices directly affecting people's livelihoods. Under the latest measure to support people's livelihoods, the current 10 percent tax cut on butane will be expanded to 25 percent until the end of June, according to the Ministry of Finance and Economy. The ministry said it made such a decision as the impact of international LPG price hikes caused by the Middle Eastern crisis is expected to be felt domestically beginning in May. It added the move can help lower financial burden for butane users, who are mostly in the low-income group. International butane prices have jumped nearly 50 percent to an average of $800 per ton this month from $540 per ton in March. Late last month, the government also more than doubled tax cuts on gasoline and diesel from 7 percent and 10 percent to 15 percent and 25 percent, respectively, through the end of May. The finance ministry said t
Go to News Site