South Korea to set zero in-quota tariffs on LNG and LPG in H2 2026 to curb inflation

South Korea’s finance ministry said it will apply zero tariffs within quotas on liquefied natural gas (LNG) and liquefied petroleum gas (LPG) in the second half of 2026, and also cut to zero the tariff on crude oil used to produce LPG. The ministry said the move is aimed at easing inflation pressure by helping stabilise utility and transportation costs. South Korea’s CPI rose 3.1% in May from a year earlier, the fastest pace in 26 months. The policy is set to take effect on July 1 after Cabinet approval.