Finance minister Choo Kyung-ho says he is considering extending fuel tax cuts by two months until the end of December as the reduction in such taxes is set to expire at the end of this month.

Choo told reporters on Thursday in Sejong that he believes there is a need to actively consider extending the tax cuts by another two months if soaring global oil prices show no signs of falling. 

Currently, a 25 percent fuel tax cut on gasoline and 37 percent on diesel and liquefied petroleum gas(LPG) are in place.

On growing pressure to raise electricity rates in the fourth quarter due to the rise in global oil prices, Choo said he has yet to devise a substantial plan. 

He did say that he will make a final decision after taking into consideration public burden, international energy prices and the financial status of the Korea Electric Power Corporation