Fuel prices are becoming a growing problem around the world. In response, some governments are turning to end-user price-cutting solutions – recently South Korean authorities have done so.
The South Korean government has decided to implement 20% tax reduction for gasoline, oil and LPG. The reduction is to apply for six months until April 2022.
According to the government’s estimates, it will reduce tax revenues by 2.5 trillion won ($ 2.1 billion) in this period, and inflation will fall by 0.33 percentage points. percent – informs the Yonhap agency.
Fuel prices in South Korea
On Thursday, the average gasoline price in South Korea. increased to 1.81 thousand won (PLN 6.07) per liter. Thus, gasoline cost 116 won (almost 39 cents) per liter more than on October 13, according to data from the state-owned oil corporation.
Inflation in South Korea has reached the highest level in almost 10 years. The consumer price index was 3.2 percent. higher than in the same month last year, which means the highest price increase since January 2012 – reported the Reuters Agency.
In line with the decision announced on Friday, the tax on gasoline will drop from 820 to 656 won (2.75 to 2.20 PLN) per liter, and in the case of diesel from 582 to 466 won (1.95 to 1.56 PLN) per liter .
Industry officials estimate that it may take several weeks for gas station prices to update. Previously, the South Korean authorities. have decided to lower fuel taxes in November 2018. At that time, the reduction was also expected to apply for six months, but was then extended and ended in August 2019, Yonhap reminds.
Hungarians set the maximum price
Hungary has also decided to limit the level of fuel prices by the state. The head of the office of Prime Minister Viktor Orban Gergely Gulys at a press conference on Thursday, November 11, informed, that the government decided to introduce maximum fuel prices, which may not exceed 480 ft (PLN 6.08) per liter. The solution is to be valid for 3 months.
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