SEOUL, Oct. 30 (Xinhua) -- South Korean officials said Tuesday that Seoul is considering to take measures in accordance to the increasing oil prices, including enforcing mandatory energy conservation and adjust oil tax rates.
According to South Korean Ministry of Commerce, Industry and Energy, the government might reassess its previous position of refraining from taking measures that can inconvenience everyday lives or lessen the burden of users through tax cuts if the oil prices hits 100 per barrel.
Prices for Dubai crude, which accounts for the bulk of South Korea's oil imports, reached as high as 82.6 U.S. dollars a barrel last Friday.
Local media said electricity prices could be adjusted within the year, while costs of air fares and shipping may move up.
The government is also considering to lower taxes levied on fuel, that can account for 50-60 percent of consumer prices may also be explored as a short-term relief measure, government officials said.
South Korean Finance and Economy Minister Kwon O-kyu said the government would decide whether to adjust its oil tax rates after discussing the matter with lawmakers.
"We are collecting lawmakers' opinion on the issue and will decide our stance after discussing the issue with them at the parliament," Kwon said on earlier Tuesday.
South Korea imports about 900 million barrels of crude oil every year.
According to South Korean Ministry of Commerce, Industry and Energy, the government might reassess its previous position of refraining from taking measures that can inconvenience everyday lives or lessen the burden of users through tax cuts if the oil prices hits 100 per barrel.
Prices for Dubai crude, which accounts for the bulk of South Korea's oil imports, reached as high as 82.6 U.S. dollars a barrel last Friday.
Local media said electricity prices could be adjusted within the year, while costs of air fares and shipping may move up.
The government is also considering to lower taxes levied on fuel, that can account for 50-60 percent of consumer prices may also be explored as a short-term relief measure, government officials said.
South Korean Finance and Economy Minister Kwon O-kyu said the government would decide whether to adjust its oil tax rates after discussing the matter with lawmakers.
"We are collecting lawmakers' opinion on the issue and will decide our stance after discussing the issue with them at the parliament," Kwon said on earlier Tuesday.
South Korea imports about 900 million barrels of crude oil every year.
