Retail gas station pumps display fuel prices along commercial transport routes in South Korea. (AI-generated image) To support logistics and small business operators using light utility trucks, the government maintains higher tax discount rates for commercial transport fuels. Under this extended scheme, the statutory excise tax on gasoline remains capped at 698 won per liter, representing a 122 won discount from normal rates. Diesel taxes stay at 436 won per liter, offering a 145 won reduction, while butane excise taxes are fixed at 152 won per liter, providing a 51 won discount per unit. The extension of South Korea’s fuel tax cut aims to help manage domestic inflation expectations as energy markets adapt to ongoing international supply constraints. Officials from the Ministry of Finance confirmed that legislative updates to the Enforcement Decree of the Transportation, Energy, and Environment Tax Act, along with the Individual Consumption Tax Act, will be submitted to the Cabinet for prompt administrative approval. They emphasized that although domestic inventories remain stable, prolonged geopolitical tensions in the Middle East necessitate active fiscal management to prevent sudden increases in retail fuel prices. Data from the Ministry of Finance and Economy shows that rising energy import costs continue to pressure consumer price indices, making tax policy adjustments a key intervention tool. South Korea Extends Fuel Tax Relief to Maintain Lower Tariffs Beyond the tax relief measures, Minister Koo committed to strengthening diplomatic efforts with major oil-producing nations to diversify import sources and reduce dependence on vulnerable shipping routes. According to reports from the Yonhap

India has cautioned Washington that proposed tariffs on nations importing Russian crude oil could negatively affect bilateral relations and disrupt the global commodity market. This warning came after the United States House of Representatives approved the Sanctioning Russia and Iran Act of 2026, which authorizes the government to impose tariffs up to 100 percent on major Russian energy buyers. India emphasizes its commitment to safeguarding energy security for its citizens while retaining the flexibility to source oil from global suppliers based on market conditions.

Bullion experienced renewed downward pressure across global trading platforms as international commodity markets digested a quarter-point increase in interest rates by the U.S. Federal Reserve. Spot gold fell 1 percent to $4,249 per ounce, reaching multi-session lows amid rising sovereign yields and tightening monetary policies. The rise in interest rates has raised the opportunity cost of holding physical bullion, leading institutional portfolios to shift capital into fixed-income investments.

UAE and India deepen trade, investment and strategic cooperation through high-level talks. Both leaders examined their cooperation under the UAE-India Comprehensive Economic Partnership Agreement, known as CEPA. They also reflected on the longstanding political, commercial, cultural, energy, and people-to-people connections binding their countries. The dialogue aimed at uncovering further prospects for cooperation in areas that are now central to their bilateral relationship. Additionally, the meeting emphasized mutual interests as the UAE and India maintained consistent engagement across economic and strategic sectors.

Oman inflation reached 3.4% in August 2026 as transport and food prices increased. Transport experienced the most significant annual increase among the main consumer groups, with an 8.5% rise from August 2025. Food and non-alcoholic beverages grew by 7%, while miscellaneous personal goods and services increased 6.1%. The prices at restaurants and hotels went up 3.6%, and furniture, household equipment, and routine maintenance costs rose 3.1%. Education costs increased 2.2%, healthcare expenses edged up 1.7%, and culture and recreation prices saw a slight 0.4% increase during this period.

UAE President Sheikh Mohamed bin Zayed Al Nahyan engaged in discussions with leading German business executives in Berlin to promote increased cross-border investments and deepen trade ties between the two nations. Emphasizing the UAE’s strategic role as a global logistics hub and its investor-friendly legal framework, Sheikh Mohamed called on German industrial leaders to broaden their footprint in Middle Eastern and international markets. The session highlighted new commercial prospects arising from recent bilateral accords spanning manufacturing, renewable energy, and digital sectors.