The government has decided to extend fuel tax cuts for three months until the end of July to alleviate inflationary pressure amid soaring oil prices.

Finance Minister Hong Nam-ki announced the decision on Friday in a meeting of economy ministers to discuss measures to deal with rising inflation.

The minister said that the government will extend the 20 percent reduction in fuel taxes and the zero-percent tariff rate on imported liquefied natural gas, currently set to expire at the end of April.

He said the three-month extension aims to minimize the impact of soaring oil prices on local prices.

The minister said that the government would consider further cuts in fuel taxes if the growth pace of crude oil prices accelerates and economic uncertainties increase.