Gov't to boost tariffs on oil products amid stable prices

SEOUL, Dec. 23 (Yonhap) -- The government said Tuesday that it will raise tariffs on gasoline and other oil products next year as international crude prices stabilize and inflationary pressure eases.

Tax rates on crude oil, gasoline, diesel, kerosene and fuel oil will be raised to
2 percent in February from the current 1 percent and pushed up again to 3 percent
in March, the Ministry of Strategy and Finance said in a statement.
The tax increase comes after the ministry trimmed tariffs on crude and other
imported goods this year in a bid to cope with soaring prices of oil and
commodities. South Korea is the world's fourth-largest oil importer.
Since peaking in mid-July, Dubai crude, South Korea's benchmark, has fallen by
more than 70 percent. Inflation is also easing after consumer prices jumped to a
10-year high in July.
kokobj@yna.co.kr