The decision was formalized during an economy-related ministers’ meeting in Sejong chaired by Finance Minister Koo Yun-cheol, who serves as Deputy Prime Minister. Under the extended policy framework, existing tax reductions of 15 percent for gasoline and 25 percent for diesel and liquefied petroleum gas butane, which were set to expire at the end of September, will remain active across national fuel stations. To support logistics operations and small business operators utilizing light utility trucks, the government maintains higher tax discount percentages for commercial transport fuels. The extended rates keep the statutory excise tax on gasoline capped at 698 won per liter, which reflects a 122 won discount below standard levels. Diesel taxes will stay at 436 won per liter, offering a reduction of 145 won, while butane excise rates remain steady at 152 won per liter, providing a 51 won discount per unit. This extension of South Korea’s fuel tax cut scheme aims to manage domestic inflation expectations while energy markets adapt to ongoing international supply constraints. Officials from the Ministry of Finance confirmed that legislative amendments 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 swift administrative approval. They emphasized that although domestic inventory levels remain stable, prolonged geopolitical tensions in the Middle East require active fiscal management to prevent sharp increases in retail fuel prices. Data released by the Ministry of Finance and Economy shows that rising energy import costs continue to pressure local consumer

India cautioned Washington that the proposed tariffs on nations importing Russian crude oil could strain bilateral relations and disrupt the global commodity market. This warning was issued in response to the passage of the Sanctioning Russia and Iran Act of 2026 by the United States House of Representatives, which grants authority to the US administration to impose tariffs up to 100 percent on key purchasers of Russian energy. India asserts its commitment to maintaining energy security for its citizens while preserving the flexibility to buy oil from global sources depending on market conditions.

International bullion markets saw renewed selling pressure as global commodity traders absorbed a quarter-point interest rate increase 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 tighter monetary policies. The rise in interest rates has raised the opportunity cost of holding physical gold, prompting institutional investors to shift their portfolios toward fixed-income assets.

UAE and India deepen trade, investment and strategic cooperation through high-level talks. Both leaders examined the progress made under the UAE-India Comprehensive Economic Partnership Agreement, referred to as CEPA. They also reviewed the longstanding political, commercial, cultural, energy, and people-to-people ties between the countries. The talks explored avenues to broaden cooperation in areas that have become central to their bilateral relationship. Additionally, the two governments continued regular engagement across economic and strategic sectors, discussing topics of mutual interest.

Oman inflation reached 3.4% in August 2026 as transport and food prices increased. Transport experienced the highest annual increase among primary consumer categories, rising by 8.5% compared to August 2025. Food and non-alcoholic beverages grew by 7%, while miscellaneous personal goods and services went up by 6.1%. The costs for restaurants and hotels increased by 3.6%, with furniture, household equipment, and routine household maintenance rising by 3.1%. Education expenses saw a 2.2% increase, health-related costs climbed by 1.7%, and prices for culture and recreation edged up by 0.4% over the same period. Prices for clothing and footwear saw a marginal 0.1% rise during the year, whereas communication and tobacco prices remained stable. Housing, water, electricity, gas, and other fuels decreased by 0.6%, making this the only major group to experience a decline. The August data revealed varied price changes across the consumer basket, with transport and food recording the most significant increases. Inflation rates also differed among Oman’s governorates, ranging from 2.1% to 4.8% annually. Transportation and Food Prices Drive Yearly Inflation In August, Al Dhahirah registered the highest governorate inflation rate at 4.8%. Muscat followed closely at 3.9%, while Al Dakhiliyah posted 3.8%, and Al Wusta reached