South Korea to keep lower crude oil tariffs

The South Korean Finance Ministry is looking to extend lower tariffs on fuel imports until the end of 2004 in order to stimulate the country's under-performing economy. However, these tariffs extend to crude oil imports only. Refined petroleum products would still be slapped with the 7% tax.
South Korea to keep lower crude oil tariffs South Korea to keep lower crude oil tariffs South Korea to keep lower crude oil tariffs South Korea to keep lower crude oil tariffs South Korea to keep lower crude oil tariffs

A finance ministry official informed Reuters that, "The current tariff was for only a temporary six months, but we have decided to extend it until the end of 2004 to help the economy."

Currently, crude oil import tariffs stand at 3% from their previous 5%.

Also under evaluation is a plan to remove all tariffs for crude oil meant for the production of naphtha.

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