The Ministry of Land, Infrastructure and Transport (MOLIT; Minister KIM Yun-duk) announced that it will raise the ceiling on diesel fuel
price-linked subsidies provided to bus and freight transport operators from a maximum of KRW 183 per liter to KRW 280 per liter, a 53
percent increase, in an effort to ease the fuel cost burden caused by persistently high oil prices.
Since March, the government has been providing a “fuel price-linked subsidy” covering 70 percent of the amount exceeding KRW 1,700 per
liter when diesel prices surpass that level.
However, because the subsidy ceiling had been capped at KRW 183/L, equivalent to the actual fuel tax burden borne by business owners, the subsidy could not previously be provided for diesel prices exceeding KRW 1,961/L [(KRW 1,961/L – KRW 1,700/L) ⅹ 70% = KRW 183/L)].
Please refer to the attached files or the preview for more details!