South Korea to cut product import tariffs

South Korea’s Ministry of Finance and Economy has decided to lower tariffs on gasoline, diesel fuel, kerosene and other imported oil products to 3% from 5% for six months starting July. Officials said on June 8 that the tariff reduction, which may be renewed every six months, was designed to ease the burden on consumers and prevent possible price collusion by local refiners. The ministry also decided to cut tariffs on crude and LNG imports by another six months to help shield South Korea’s import-dependent industries from the impact of rising crude oil prices and ease inflationary pressure due to high oil prices. (June 11, 2007)