Fuel prices will rise from next month as the government decided not to extend a temporary tax cut on fuel products. 

The Finance Ministry on Thursday announced its decision not to extend a six-month temporary cut on fuel products that is set to expire at the end of this month.

The government had provided a 15 percent fuel tax cut for six months from November last year. It reduced the rate to seven percent in May while extending the tax cut to the end of August. 

The government reportedly made the decision in consideration of a possible drop in tax revenues and recent stability in international oil prices. 

The latest decision will raise the price of gasoline by 58 won per liter and of diesel by 41 won per liter from next month.