The government will extend a temporary fuel tax cut, due to expire at the end of this month, by 2 months through Jan. 31.

The Ministry of Economy and Finance said on Tuesday it would extend the fuel tax cut, considering uncertainty from the Middle East war and high oil prices. It made the announcement at an emergency economic ministers' meeting chaired by Deputy Prime Minister Lee Hyoung-il (이형일), who also serves as minister of economy and finance.

The discount rate will remain 15 percent for gasoline and 25 percent each for diesel and butane through Jan. 31.

The fuel tax per litre will remain 698 won for gasoline, down 122 won from before the cut. Diesel will be set at 436 won, down 145 won, and butane at 152 won, down 51 won.

The current discount rates have been in place since May this year.

The government plans to maintain relatively larger cuts for diesel, which is essential for industry and logistics, and for butane, which is mainly used for small trucks.

To extend the fuel tax cut, the government plans to submit amendments to enforcement decrees of the Transportation, Energy and Environment Tax Act and the Individual Consumption Tax Act to a Cabinet meeting and then implement them.