Finance minister Choo Kyung-ho has hinted that the government's fuel tax cuts could be extended as he pledged to bolster efforts to stabilize prices amidst a surge in global oil prices to the year's highest level.

At a meeting to assess consumer prices and public livelihoods on Friday, Choo said the government will review an additional extension on fuel tax cuts and state subsidies, which had previously been extended through October.

The minister said the Korea National Oil Corporation and the Korea Petroleum Quality and Distribution Authority have begun on-site price inspections at major gas stations nationwide and plan to continue checking prices on a daily basis for stability.

The Dubai crude price, Korea's benchmark, stood at 86 U.S. dollars and 46 cents per barrel in August, up from 80 dollars and 45 cents the previous month. Global oil prices have continued to soar this month in the face of supply cuts.

Ahead of Chuseok thanksgiving holiday later this month, the minister said the government will continue efforts to maintain prices of 20 key agricultural, livestock and fisheries items that are in high demand six percent below the prices from last year.