According to the ministry, the cut will take effect on May 1 and run through the end of June, lowering butane prices by about 51 won per liter from previous levels.
Butane is widely used by freight and commercial vehicles, meaning price swings would directly affect logistics costs and the prices of goods and services, hitting many small and medium-sized business owners the hardest.
Citing a sharp rise in international LPG prices with butane climbing to US$800 per ton in April from US$540 in March, the ministry predicted that the increase would be felt by consumers starting in May.
But tax incentives for gasoline and diesel will remain unchanged at 15 percent and 25 percent, respectively, through the end of next month. There will be no additional tax breaks for propane, which is already subject to the maximum tax cut of 30 percent.
Government authorities have also strengthened monitoring to crack down on those hoarding fuel for profit amid soaring prices, with inspections of nearly 6,000 gas stations nationwide this month uncovering around 99 violations, including falsified records, improper storage, and other business malpractice.
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