S.Korea plagued by high oil price

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South Korea’s economic ministers gathered in the prime minister’s office Thursday to discuss ways to shield Asia’s fourth-biggest economy from the impact of soaring crude oil prices.

They were in a dilemma over how to cope with the external shock and unsure if measures to reduce the country’s oil consumption would hurt the economy, which has been plagued by sluggish private spending.

At the energy conservation commission meeting presided over by Prime Minister Lee Hae-chan, ministers decided to wait before taking energy-saving steps, and encouraged businesses to voluntarily seek ways to reduce fuel consumption.