The current fuel tax reductions for gasoline and diesel will be extended through April.

According to the finance ministry on Thursday, the cuts, which were set to remain in place until the end of this month, will be extended by an additional two months in consideration of domestic and international oil prices and the cost burdens facing the general public.

The current tax rate for gasoline is 698 won, or around 48 cents, per liter, which is 122 won less than before the cut.

For diesel the rate is 448 won per liter, 133 won lower than before.

This will be the 14th extension since fuel tax cuts were introduced in November 2021, while the scope of the cuts was reduced last month from 37 percent in July 2022 to the present 15 percent for gasoline and 23 percent for diesel.

The Dubai Crude, the benchmark for South Korean imports, rose from 67 dollars per barrel at the end of 2024 to 80 dollars per barrel in January.

Domestic gasoline prices have risen for 16 consecutive weeks, approaching one-thousand-730 won per liter.