South Koreans Indifferent to Skyrocketing Oil Prices

Although the cash price of Dubai crude broke past $68 per barrel Tuesday, renewing the previous historic high of $67.48 on April 24, the Korean government remains impervious to criticisms warning about the impact of recent oil price hikes.

Dubai crude is the benchmark crude that sets the prices of other Middle East oil on which Korea depends for more than 80 percent of its crude imports.

Despite spiking oil prices, the Ministry of Finance and Economy (MOFE) is reiterating that high oil prices and a strengthening won will not dampen its hopes to achieve a 5 percent annual economic growth target this year.

Korea Times