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.
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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