SEOUL, Sept. 13 (Xinhua) -- South Korean Vice Finance Minister Lim Young-rok said Thursday that his government is not considering any emergency steps to cope with the current oil price hike.
"We are closely monitoring global oil prices, but we do not believe there is a need for an emergency step," Lim said at a weekly press briefing.
"For now, we will just continue to monitor the global financial market and oil price developments, taking necessary steps when needed," he said.
Lim said he does not expect global oil price hikes to have any "shocking" impact on the economy.
The price of Dubai crude, South Korea's benchmark hit a 13-month high of 72.21 U.S. dollars on Tuesday. South Korea, which has to buy all the oil it needs from abroad, is the world's fourth-largest oil importer.
"We are closely monitoring global oil prices, but we do not believe there is a need for an emergency step," Lim said at a weekly press briefing.
"For now, we will just continue to monitor the global financial market and oil price developments, taking necessary steps when needed," he said.
Lim said he does not expect global oil price hikes to have any "shocking" impact on the economy.
The price of Dubai crude, South Korea's benchmark hit a 13-month high of 72.21 U.S. dollars on Tuesday. South Korea, which has to buy all the oil it needs from abroad, is the world's fourth-largest oil importer.
