The government will reduce fuel taxes by 15 percent and create 59-thousand jobs in the public sector.

The government announced the measures during a meeting of economy-related ministers on Wednesday. 

The six-month temporary tax cut, which will take effect on November sixth, will bring down the prices of gasoline by 123 won per liter and diesel by 87 won.

The government earlier considered a ten-percent reduction, but decided to apply a larger cut in light of growing oil prices that are burdening small businesses. 

The government is expected to see a decrease of two trillion won in tax revenues with the temporary reduction. 

The government will also create 59-thousand jobs at state and public organizations and provide vocational training for 35-thousand job seekers.