The finance ministry of South Korea has announced an extension of the tax cut on fuel for automobiles until the end of October, in response to concerns about the ongoing Middle East crisis. The tax cut, which includes a 20 percent discount on gasoline consumption and a 30 percent discount on diesel and liquefied petroleum gas consumption, was originally set to expire at the end of this month. The decision to extend the tax cut was made due to increased volatility in global oil prices and concerns about the impact on the public, as stated by Finance Minister Choi Sang-mok. The government initially introduced the fuel tax cut scheme in 2021 and has since extended it, adjusting the reduction rate in line with global energy prices. South Korea, heavily reliant on energy imports, has experienced inflationary pressures due to rising global oil prices, with consumer prices rising 2.6 percent on-year in July and petroleum product prices climbing 8.4 percent on-year, the highest growth since October 2022. The finance ministry's decision to extend the tax cut aims to alleviate the burden on the public amid the ongoing global energy price volatility.