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S Korea sets fuel-saving measures | S Korea sets fuel-saving measures |
(3 days later) | |
South Korea has announced the first in a series of measures intended to tackle the cost of rising fuel prices. | South Korea has announced the first in a series of measures intended to tackle the cost of rising fuel prices. |
Thousands of public sector vehicles will only be allowed on the road on alternate days and government buildings air conditioning will be restricted. | Thousands of public sector vehicles will only be allowed on the road on alternate days and government buildings air conditioning will be restricted. |
Prime Minister Han Seung-soo said that if oil prices continued to rise, more extreme measures would be taken. | Prime Minister Han Seung-soo said that if oil prices continued to rise, more extreme measures would be taken. |
Correspondents say the move is largely symbolic as it covers only a limited number of vehicles and buildings. | Correspondents say the move is largely symbolic as it covers only a limited number of vehicles and buildings. |
South Korea has to import all its crude oil supplies and expects to spend $111.2bn (£56bn) on oil this year, up from $60.3bn (£30.4bn) last year. | South Korea has to import all its crude oil supplies and expects to spend $111.2bn (£56bn) on oil this year, up from $60.3bn (£30.4bn) last year. |
Mr Han told a press conference: "Even oil-producing countries are tightening their belts to save energy in the era of the ultra high oil prices." | Mr Han told a press conference: "Even oil-producing countries are tightening their belts to save energy in the era of the ultra high oil prices." |
"To take concrete measures to save energy is not a matter of choice but a matter of survival." | "To take concrete measures to save energy is not a matter of choice but a matter of survival." |
'Mandatory' | 'Mandatory' |
The restrictions, which will be introduced on 15 July, will apply to 15,000 public-sector vehicles and more than 800 public offices and institutions. | The restrictions, which will be introduced on 15 July, will apply to 15,000 public-sector vehicles and more than 800 public offices and institutions. |
Office thermostats are to be adjusted by 1C in both summer and winter. | Office thermostats are to be adjusted by 1C in both summer and winter. |
There are also plans to replace half the fleet of public sector vehicles by compact or hybrid versions by 2012, reports state media. | There are also plans to replace half the fleet of public sector vehicles by compact or hybrid versions by 2012, reports state media. |
Finance Minister Kang Man-soo said that if global oil prices reached $170 (£86) a barrel, mandatory savings in the private sector might be introduced as well. | Finance Minister Kang Man-soo said that if global oil prices reached $170 (£86) a barrel, mandatory savings in the private sector might be introduced as well. |
He also suggested that the government could revise its economic forecast, if oil prices rise above $150 (£76) a barrel. | He also suggested that the government could revise its economic forecast, if oil prices rise above $150 (£76) a barrel. |
Analysts say that price might not be far away, after the price of crude oil hit an all-time high of $145.85 (£73) last Thursday. | Analysts say that price might not be far away, after the price of crude oil hit an all-time high of $145.85 (£73) last Thursday. |
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