The government will extend its fuel tax cuts for two more months, through the end of February next year.

The finance ministry announced Wednesday that the current fuel tax cuts — seven percent for gasoline and ten percent for diesel and liquefied petroleum gas and butane — will remain in place until February 28.

Officials said the changes were decided in consideration of volatility in oil prices and the financial burdens facing many households.

In addition, the government will extend the consumption tax reduction for automobiles by six months, through the end of June next year.

Under the measure, the individual consumption tax will continue to be temporarily lowered from the standard five percent to a flexible rate of three and a half percent, with a tax deduction cap of one million won, or about 675 U.S. dollars.