The government will soon announce a set of measures to help control soaring oil product prices that can hurt economic growth, the country’s top economic policymaker said Wednesday.

Minister of Strategy and Finance Bahk Jae-wan said at a weekly economic policymaker meeting that high global crude oil prices have been a big burden to the South Korean economy, Asia’s fourth-largest.

“Crude prices have stabilized somewhat recently, but there is a need to address this problem,” he said.

The minister stressed that he will call for close cooperation with other Group of 20 members to tackle this critical issue when the systemically important industrialized and developing economies meet in Washington later in the week.

The price of Dubai crude, South Korea’s benchmark, averaged $122.5 per barrel last month, up from 116.2 won in February and $106 per barrel for the whole of 2011.

Higher crude prices have pushed up both gasoline and diesel fuel prices that can exert negative influence on consumer prices.

The soaring prices also affect prices of manufactured goods and farm products, and service charges.

“Seoul will announce a comprehensive plan that includes the expansion of bargain gas stations and introduction of an electronic exchange for fuel products to help lower prices,” he said.

The announcement is expected to be made by the Ministry of Knowledge Economy that oversees industrial and energy policies.

The policymaker, meanwhile, said the country’s research and development potential have made strides since the 1970s, but there is a need to strengthen tie-ups between laboratories and companies. 

(Yonhap News)