LNG

South Korea calls for cut in LNG import tax

South Korea’s Ministry of Trade and Energy is urging the government to cut the country’s import tariff on LNG from 2-3% currently to zero next year
By Staff reporter 8 October 2018 0 32820

South Korea’s Ministry of Trade and Energy is urging the government to cut the country’s import tariff on LNG from 2-3% currently to zero next year, according to Platts.

The reduction is expected to make the fuel more affordable and boost consumption. South Korea levies a 3% tax on LNG during the peak winter season, which runs from October to March, and a 2% tax for the rest of the year.

The country has been forced to raise gas prices for consumers as the...