The Minister of Commerce, Industry and Energy, Lee Hee-beom, announced that the government will place the focus of its high crude oil price emergency measures on voluntary energy conservation campaigns until the OPEC meeting slated for March 31.

"When the high oil price continues, we will simultaneously implement a second phase of the emergency measures and domestic oil price stabilization measures," added Lee.

Amongst the initiatives that the South Korean government is looking into is a "cash back" system that rewards households who cut their energy consumption by 10% or more and restricting the use of elevators in buildings.

The South Korean government has already planned a three-phased high oil price emergency measure to combat the rising global price of crude brought by OPEC's decision to cut production levels amongst its members.