Finance Minister Hong Nam-ki has vowed efforts to stabilize local oil prices following a U.S. announcement that it would end sanctions waivers for Iranian oil.

Speaking at a meeting with officials in Seoul on Monday, Hong said that the government will work hard to mitigate domestic oil price increases in the case of a possible short-term rise in global crude oil prices.

He said efforts to do so would include the promotion of domestic market competition and low-priced gas stations, as well as the diversification of oil imports and greater support for alternative sources of energy.

The minister also commented on the point-three percent contraction of the country's gross domestic product in the first quarter, saying that he takes the current economic conditions seriously and that he would craft measures over the next two months to stimulate private investment.