The government is strongly considering a plan to cut the fuel tax by 15% from the middle of next month.
We are looking at a plan to apply 0% of the quota tariff for liquefied natural gas (LNG).
Consumption coupons that were suspended in conjunction with the implementation period of 'With Corona' will also resume.
The government plans to confirm and announce the price supplement plan and the plan to resume consumption coupons at the Emergency Economy Central Countermeasures Headquarters meeting presided over by Hong Nam-ki, Deputy Prime Minister and Minister of Strategy and Finance on the 26th.
The government previously formalized the policy of a temporary cut in the fuel tax, but it was announced that details such as the extent of the cut and the timing of application would be finalized and announced within this week.
It is reported that the government is strongly reviewing the current fuel tax cut rate at 15%.
Among the previous cuts of 7%, 10%, and 15%, and the legal limit of 30%, 15% is considered appropriate in the present situation.
If the fuel tax is cut by 15%, the price of gasoline will be reduced by 123 won per liter.
Applying the average national gasoline price of 1,732 won per liter in the third week of October (October 18-22), the reduced price reflecting 100% of the fuel tax cut is 1,609 won.
It has the effect of lowering the price of diesel by 87 won per liter and the price of LPG butane by 30 won.
It is said that the fuel tax cut will be around the middle of next month.
The adjustment of the fuel tax flexible tax rate requires the revision of the Act Enforcement Decree. Considering the procedures such as the Vice Ministers' meeting, the State Council, and the promulgation, it is expected to be November 11 to 12 at the earliest, and 15 to 16 days if the normal procedure is followed.
The period of lowering the fuel tax is being considered for 4 to 5 months, covering the winter season when oil demand is high.
We are considering a plan to apply 0% of the tariff rate for liquefied natural gas (LNG) imports from the same period.
The basic tariff rate applied to LNG imports is 3%, and currently, a 2% tariff rate is applied in consideration of the winter season.
The government is also planning to confirm the plan to resume consumption coupons that were suspended due to the fourth spread of Corona 19 at this emergency economy central countermeasures headquarters meeting.
Coupons for movies, sports, lodging, and professional sports tickets will be resumed in conjunction with the implementation of With Corona.
Dining coupons that were limited to non-face-to-face use also apply to face-to-face use.
(Photo = Yonhap News)