Finance Minister Yoo Il-ho has again expressed opposition to calls for lower oil prices.
 
At the National Assembly's interpellation session on the economy on Friday, Yoo said it is inappropriate for the government to step in after criticism that the low oil prices worldwide are also affecting South Koreans.
 
Regarding reintroduction of the oil price refund, Yoo said the effects, such as consumption, may be minimal. He added that the measure could cause a decline in tax revenue because of low global oil prices, contrary to 2008 when the price was about 140 U.S. dollars per barrel.
 
Amid rising global oil prices in 2008, South Korea temporarily created an "oil price refund" which returned a small portion of transportation fees spent by low-income earners.  
 
Regarding stimulative measures, Yoo said an expansionary fiscal policy is not currently under consideration. However, he said they may be necessary should difficulties persist and negatively impact South Korean economy.