Fuel taxes will be temporarily lowered by 20 percent from next month in a bid to ease rising pressure on inflation amid surging oil prices. 

The ruling Democratic Party and government made the decision on Tuesday in a policy consultation meeting at the National Assembly. 

Gasoline prices will be cut by 164 won per liter, while the prices of butane gas will be lowered by 40 won from November 12. The ruling party also decided to temporarily cut import tariffs on liquefied natural gas(LNG) from the current two percent to zero. 

The temporary reductions will be effective for six months until April 30.

The government said with the cut worth a total of two-point-five trillion won, drivers of gasoline-powered cars could save 20-thousand won per month if they travel 40 kilometers a day.