Seoul : South Korea has unveiled plans to eliminate import tariffs on liquefied natural gas (LNG) and liquefied petroleum gas (LPG) during the latter half of the year as part of efforts to curb inflation and ease energy-related expenses.
According to the Ministry of Economy and Finance, tariff rates on LNG, LPG, and crude oil used in LPG production will be reduced to zero within specified import quotas starting July 1.
The decision is intended to help bring down utility and transportation costs at a time when global energy markets remain unpredictable. Consumer prices in South Korea increased by 3.1 per cent in May compared with the same month last year, recording the highest inflation rate in more than two years.
In addition, the government plans to continue tariff reductions on selected imported fruits and broaden the tariff-rate quota programme to cover more agricultural products and animal feed until the end of the year. The measures will come into force once they receive Cabinet approval.
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