Government Extends Allocation Tariffs such as LNG and LPG... "Easing the burden on the economy of the common people."

The government will extend allocation tariff support for liquefied natural gas, LNG, liquefied petroleum gas, and LPG to ease the economic burden on ordinary people.

The Ministry of Strategy and Finance announced that it will legislate a flexible tariff operation plan for next year that includes such information.

Allocation tariffs are a system that imposes a lower tariff rate on a certain amount of imported goods over a certain period of time.

Allocation tariff support for LNG used in power generation and city gas will be maintained in winter, and the tariff rate will be reduced from 3% to 0% during this period.

Lowering the allocation tariff to 0% for LPG and LPG-making crude oil used for cooking and transportation by rural residents without city gas will also be extended until the first half of next year.

The 0% allocation tariff on crude oil for naphtha manufacturing will be applied throughout the year.

In order to support the competitiveness of the semiconductor and display sectors, five items, including masks for organic material deposition, will also be added to the allocation tariff.

In the secondary battery sector, new allocation tariffs are applied to lithium hydroxide and adsorbents.

Allocation tariff support for food raw materials such as corn (processing), soybean, sugar, and potato starch, which are feared to rise in prices due to lack of supply, will be maintained.

Due to price instability, seven items, including cacao beans, coffee, orange concentrate, no, and carrots, that support emergency allocation tariffs, will continue to be supported with regular allocation tariffs.

Similar to this year, the adjustment tariff applies to 13 items such as red pepper paste, live sea bream, and frozen pollack.

Adjustment tariffs are a system that raises tariff rates to prevent disturbances in the domestic market and protect the industrial base.

Special emergency tariffs for agricultural, livestock and agricultural products applied to prepare for a surge in imports apply to 16 rice grains and 24 ginseng items.