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9

South Korea Implements Emergency Measures

High oil prices force country to take action...

South Korea has decided to implement its first phase of measures to battle rising oil prices as the price of Dubai crude oil hovers around US$30 per barrel, the commerce ministry said.

The Ministry of Commerce, Industry and Energy will encourage public and private companies and individual consumers to conserve energy, ask entertainment and public facilities to refrain from using electricity after midnight and advise motorists not to drive every 10th day when the last digit of their license plate is the same as the date.

The decision comes at a time when the 20-day average price of Dubai crude, a barometer for initiating government action, is over $30.