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South Korea states it may consider extra oil tax cut

South Korea is experiencing very little financial effect following Israel's retaliatory strike on Iran, but might think about an additional decrease in fuel oil tax if worldwide market volatility boosts, President Yoon Suk Yeol's. office said on Sunday.

The remarks, made throughout a conference to examine the security. and financial scenario, follow the government's current decision. to extend aids on oil products for an additional two months. till end-December, although with lower tax cut rates.

The impact of geopolitical risks in the Middle East on our. economy is anticipated to be restricted, Yoon's office said in a. declaration.

We are anticipating no significant influence on the domestic petroleum. supply and rates, however if there is high volatility from the. global market, we will respond through different stabilisation. procedures such as an extra reduction in fuel taxes.

The President's workplace also committed to keeping a. 24-hour tracking system to get ready for a prospective crisis in. the Middle East, guaranteeing to react instantly as necessary.

Separately, the financing ministry also reported very little. effect on crude materials, trade, supply chains and maritime. shipping in a declaration following an intra-agency conference. They. will continue keeping track of the scenario.

(source: Reuters)