USD 64.4326

0

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0

BRENT 62.05

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AI-92 42.15

+0.02

AI-95 45.61

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AI-98 50.67

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Diesel 46.31

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South Korea Reduces Tariffs on Some Petroleum Products

South Korea will cut import tariffs on four oil-related products including gasoline

South Korea will cut import tariffs on four oil-related products including gasoline in order to ease mounting inflationary pressure on consumers and companies, the Finance Ministry said Tuesday.

The Ministry of Strategy and Finance will reduce import tariffs for gasoline, kerosene, diesel and heavy oil products from the current 3 per cent to 1 per cent, starting April 1.

The tariff reduction will likely induce more market competition here, thereby pressuring four local operators, which dominate the nation's refinery industry, to cut oil product prices in the long term, a ministry official said.