Fuel taxes will be lowered by 20 percent for six months from Friday. 

According to the Ministry of Economy and Finance, the temporary tax cut will lead to a decrease of 164 won per liter for gasoline, 116 won per liter for diesel and 40 won per liter for liquefied natural gas(LPG). 

The government also slashed import tariffs on LPG to near zero from Friday. The reductions will be effective for six months until April 30 next year.

The nation's gasoline prices, currently standing at around 18-hundred won per liter, may fall to 16-hundred won with the reduction. 

However, the lowered taxes are not always fully reflected in consumer prices as the prices are set by gas stations. It is also expected to take a couple of weeks until the tax cut actually pulls down prices.