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South Korea to cut gasoline tax to avert further spending slowdown

Latest measure expected to offset rising crude prices and help indebted households

A gas pump hangs from the ceiling at a gasoline stand in Seoul.   © Reuters

SEOUL -- South Korea is set to cut taxes on oil products this month, in its latest bid to prop up a sputtering economy by putting more money in the pockets of consumers.

Finance Minister Kim Dong-yeon said that his department will implement lower levies on gasoline, diesel and liquid petroleum gas to help small business owners and low-income families. While Kim did not specify the size of any cuts, analysts say they will be at least 10%.

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