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South Korea announces US$10b energy package Posted: 08 June 2008 1555 hrs Photos of SEOUL : South Korea on Sunday announced a 10 billion dollar energy package aimed at helping consumers cope with the effects of rising oil prices. The package includes tax rebates for 12.8 million people for one year and subsidies for low earners to buy fuel, Prime Minister Han Seung-Soo said in a statement. "We have great difficulty as our country is the world's fifth-largest oil consumer while it does not produce a drop of oil," Han said. Among the beneficiaries of the 10.49 trillion won (10.3 billion dollars) package are truckers who have threatened to strike unless the government helps them reduce surging energy costs, the statement said. Oil prices on Friday posted their highest ever one-day gain of nearly 11 dollars, hitting a new record of 138.54 dollars a barrel in New York trade. Han added that the government would consider further measures, including tax cuts, if oil prices exceed 170 dollars per barrel. - AFP/ms
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