The government has begun reviewing the possibility of extending oil tax cuts amid a sharp rise in international oil prices due to continued tension between Ukraine and Russia.
 
The Ministry of Trade, Industry and Energy on Wednesday held a task force meeting along with domestic refiners and energy-related think tanks and said it will continue discussions with other government ministries on easing public burdens, including the extension of oil tax cuts.
 
The oil tax cuts of 20 percent, introduced in November last year in response to a hike in oil prices, is scheduled to expire in April.
 
The emergency oil supply plans discussed by the task force also includes a plan to release oil reserves.
 
Amid growing geographical risks surrounding Ukraine, the price of Brent crude oil surged to 92-point-69 U.S. dollars as of Tuesday, up 34-point-five percent from December 1, with some global investment banks speculating it will top 100 dollars soon.
 
Officials from the domestic oil refinery industry who attended the task force meeting said that although South Korea imports around five-point-six percent of its oil from Russia, they have yet to see any disruption in oil supply.