The South Korean government has vowed to seek measures to reduce the growing burden on the public in the wake of rising global crude oil prices.

At a meeting with officials on Friday, First Vice Finance Minister Lee Ho-seung said the price increase reflects production cuts by members of the Organization of the Petroleum Exporting Countries(OPEC) and expanding geopolitical risks in countries like Iran.

Lee said the government will push to stabilize prices through market competition and phase out fuel tax cuts incrementally.

The price of South Korea's benchmark Dubai crude came to an average of 70-point-35 dollars per barrel between April first and the 23rd, up from 59-point-one dollars in January this year.

Following Washington's recent decision to end sanctions waivers for countries that import Iranian oil including South Korea, China, India and five others, Lee said Seoul is pushing to diversify sources of oil imports and support the country's exporters.