The South Korean government has extended a tax cut on fuel products for another four months until the end of August in a bid to ease burdens on small businesses and the public.

The current 15-percent cut on gasoline, diesel and liquefied petroleum gas has been enforced since last November, but will be reduced to seven percent starting on May sixth. 

First Vice Finance Minister Lee Ho-seung said on Friday that the government decided to phase out the tax cut instead of removing it all at once in consideration of the strain it could put on the general population. 

The minister explained they took into account oil prices at home and abroad, the fuel price burden on the country's workers and self-employed and the impact on consumption.

The latest move is expected to reduce the tax burden for people by an additional 600 billion won.