The government has extended fuel tax cuts and reductions of consumption tax for electric vehicles(EVs) that were scheduled to expire after this month.

The finance ministry on Monday announced the extensions that aim to help stabilize consumer prices and ease people's financial burdens.

The fuel tax cuts - ten percent for gasoline and 15 percent for diesel and liquefied petroleum gas(LPG) - were extended by two months until August 31 in consideration of potential volatility in global oil prices amid the crisis in the Middle East.

The reduction in individual consumption tax for EVs - from the standard five percent to flexible three-point-five percent with a reduction cap of one million won, or around 735 U.S. dollars - were extended by six months until December 31.

The fuel tax cuts, first introduced in November 2021, have been extended several times in response to fluctuations in global energy prices.