The government will issue an advance notice of revisions to related enforcement ordinances to extend fuel tax cuts, which are set to expire at the end of this month, by two months. 

The finance ministry announced on Tuesday that it will issue an advance notice of revisions to the enforcement ordinances the next day. The amendments will be made to the tax law on transportation, energy and the environment as well as the enforcement ordinance of the Individual Consumption Tax Act. 

As a result, a 25 percent fuel tax cut on gasoline and 37 percent on diesel and liquefied petroleum gas(LPG) will remain in place.

The ministry said that in making the latest decision, it took into consideration the expanded uncertainty in oil prices both at home and abroad resulting from Saudi Arabia and Russia’s extend oil production cuts and the recent political instability in the Middle East. 

The government plans to implement the revisions starting from November 1.