The government says it will lower its tariff quota on crude oil imports to one percent from the current three percent to offset rising global oil prices starting Friday.

The finance ministry announced the plan Wednesday as prices of Dubai crude oil surpassed the 32 dollar-per-barrel mark.

The ministry said it would also lower the tariff quota for petroleum products to 5 percent from the current 7 percent.

With the tariff reduction, drivers can expect to pay 12 won less per liter for gasoline at the pump. Crude oil prices will also drop by 11 won per liter.

As of Wednesday, gasoline prices in Korea currently range from the 1200 to 1600 won level per liter.