(LEAD) S. Korea to apply zero tariffs on LNG, LPG under quota scheme to tackle inflation (opens original article in a new tab)

South Korea plans to apply zero tariffs on LNG and LPG within quotas in 2026 to tackle inflation, with the measure expected to stabilize consumer prices by lowering utility and transportation costs. The government will also expand the tariff-rate quota system to additional agricultural products.

• South Korea plans to apply zero tariffs on LNG and LPG within quotas in 2026 to tackle inflation
• Tariff rates on LNG, LPG, and crude oil will be lowered to zero in the second half of 2026
• The government will also apply the tariff-rate quota system to nine agricultural products through the end of 2026
• Consumer prices in South Korea rose 3.1% in May 2026, the fastest growth in 26 months