S. Korea to Cut Tariffs on Oil Imports

South Korea’s Finance Ministry said Tuesday that it will cut import tariffs on four oil-related products including gasoline as part of its efforts to ease mounting inflationary pressure on consumers and companies.

The Ministry of Strategy and Finance said it will reduce import tariffs for gasoline, kerosene, diesel and heavy oil products from the current 3 percent to 1 percent, 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.

The move is part of the government’s intensifying efforts to tame inflation amid rising prices of crude oil and other commodities.

Korea Times