The government announced it will reduce fuel tax cuts from next month.

According to Finance Minister Choi Sang-mok on Monday, the fuel tax cut will be extended until August 31, but the tax rate will be slightly adjusted beginning on July 1.

The tax cut rate for gasoline will be adjusted from the current 25 percent to 20 percent, while the tax rate cut for diesel and liquefied petroleum gas(LPG) will be adjusted from the current 37 percent to 30 percent.

This means consumers will pay roughly 40 won, or around three U.S. cents more per liter of gasoline and diesel, while LPG users will pay 12 won or less than a cent more per liter.

Minister Choi said the government will decide whether to extend the fuel tax cuts by considering inflation and oil price trends after August 31.