Finance minister Hong Nam-ki says the government is in the final stages of reviewing the possibility of further cutting oil taxes amid surging international energy prices.

Hong made the remark on Thursday, adding that the government will announce its decision on the matter next Tuesday during a ministers’ meeting on prices.

The government is considering expanding the scale of oil tax cuts from the current 20 percent to 30 percent.

A final decision will most likely reflect this week’s international oil prices and this month’s consumer prices.

If the government further cuts fuel taxes by 30 percent, the move will lower the tax on gasoline products to 574 won per liter.