The Ministry of Land, Infrastructure and Transport said on the 12th that cargo truck drivers will be able to receive up to 230,000 won more per month in fuel price subsidies. The payment cap for the diesel price-linked subsidies paid to freight transport operators has been raised from 183 won per liter to 280 won.
Since March, the government has operated a diesel price-linked subsidies program that pays 70% of the amount exceeding 1,700 won per liter as subsidies when the diesel price exceeds that level. However, it could only pay up to 183 won per liter. Therefore, no subsidies were available for the portion exceeding 1,961 won per liter. Recently, diesel prices have been above 2,000 won per liter.
The Ministry of Land, Infrastructure and Transport (MOLIT) said, "On the 7th, with the National Assembly passing the amendments to the Passenger Transport Service Act and the Trucking Transport Business Act, when a resource security crisis alert is issued, the payment cap for diesel price-linked subsidies to freight transport operators can be raised from 183 won per liter."
The government decided to raise the cap on the diesel price-linked subsidies to 280 won. Accordingly, the price ceiling eligible for subsidies rose to 2,100 won. Based on a 25-ton cargo truck, the most commonly used in freight transport, up to 230,000 won per month can be refunded.