The government is reportedly considering a further cut in fuel taxes amid surging international energy prices.

According to the Ministry of Economy and Finance on Sunday, the government is considering the move to prepare for sharp rises in global oil prices.

However, it added that nothing has been decided on a further cut, nor on a possible meeting of related ministers to review the matter.

The government cut fuel taxes by a record 20 percent in November in a bid to tame inflationary pressure. The measure was extended earlier this month and will be in place until the end of July.

Legally, the government is allowed to cut fuel taxes by up to 30 percent, which will lower the tax for gasoline products to 574 won per liter.