The government said it will consider extending the 20 percent reduction in fuel taxes, currently set to expire at the end of April.

First Vice Finance Minister Lee Eog-weon said on Friday that the government will review the possible extension in a bid to stabilize soaring prices.

In a meeting of economy ministers, Lee said that recently the inflationary pressure is expanding beyond agricultural, fishery and petroleum products to durable goods and personal services.

As part of efforts to stabilize the prices of petroleum products, the vice minister said the government will implement measures by the end of the month to remove the regulation imposing a minimum distance between low-priced gas stations.

The vice minister also said the pan-government task force will intently monitor the Ukraine crisis, vowing efforts to minimize concerns about the supply of oil and gas.