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Fuel Tax Cut Expanded to 37%, Gov't to Operate Market Inspection Team

Written: 2022-07-01 08:52:24Updated: 2022-07-01 17:39:23

Fuel Tax Cut Expanded to 37%, Gov't to Operate Market Inspection Team

Photo : YONHAP News

The fuel tax cut has been expanded to the newly introduced maximum legal cap of 37 percent.

This tax reduction cap was increased from the previous maximum cap of 30 percent due to soaring energy prices.

As the tax reduction takes effect on Friday, the Ministry of Trade, Industry and Energy said it will set up a joint inspection team with other related agencies to make sure the tax cut will be implemented properly in the market. 

The industry ministry plans to form the team with the ministries of finance, land and transport, as well as the fair trade commission and the national tax service to crack down on illegal acts such as price rigging, distribution of fake oil and tax evasion.

Two groups will carry out nationwide checkups more than two times a week, with one of the groups checking price rigging and the other inspecting distribution and quality of gas products. 

The industry ministry will also conduct daily monitoring of oil prices and hold a meeting once a week with officials from refiners and gas stations to check the proper prices and encourage price reductions.

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