The government is considering slashing fuel taxes as global oil prices have surged beyond 80 dollars per barrel.

Finance Minister Hong Nam-ki disclosed the stance on Wednesday during an audit session by the National Assembly’s Strategy and Finance Committee. 

He was responding to a question by main opposition People Power Party(PPP) lawmaker Suh Byung-soo on how the government plans to respond to rising global oil prices. 

Hong said the government is reviewing the matter, including studying the 15 percent fuel tax cut implemented in 2018. 

Asked when new measures can be expected, Hong said it could be some time next week that the government is ready to issue an action.