The government has decided to extend fuel tax cuts by two months until June amid rising global oil prices exacerbated by the escalating tensions in the Middle East. 

Finance minister Choi Sang-mok revealed the decision on Monday in his opening remarks in a meeting with economy ministers, noting that oil price-linked subsidies for diesel and compressed natural gas will also be extended to June. 

Choi said that the government will do its utmost to stabilize prices, noting a sharp rise in external economic uncertainties amid heightened tensions in the Middle East following Iran’s attack on Israel. 

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

The government plans to operate a joint task force with related state agencies to closely monitor developments in the Middle East situation, as well as in domestic and international financial markets.