An extension of fuel tariffs and tax cuts may be unavoidable if oil prices continue to rise, according to finance minister Hong Nam-ki on Wednesday.

Hong issued the statement during a visit to an Ulsan oil storage base, where he reflected on the current global market and its effect on the extension of tax cuts on oil and liquefied petroleum gas, according to the Ministry of Strategy and Finance.

The fuel tax cuts to curb inflation were put in place in November last year and were scheduled to be in effect until April.

The government also plans to reevaluate the extent and scope of the tariff cut if raw material prices continue to rise with the ongoing Russia-Ukraine conflict.