South Korea to try to ease oil price impact

South Korea's government unveiled a $10.3 billion plan Sunday to help ease the burden of high oil prices on low-income individuals and self-owned businesses.

The plan includes income tax rebates for workers and self-owned businesses, a statement released by the finance ministry said. The government will also provide oil subsidies to low-income individuals, it said.

The measures are temporary and will be in effect until June 2009, the statement said.

Of the 10.49 trillion won ($10.3 billion) allocated for the plan, 6.21 trillion won ($6.1 billion) will be spent in the second half of 2008.

The government is also considering lowering taxes on gasoline, diesel and liquefied petroleum gas. It will decide on details depending on oil price forecasts and fiscal and economic conditions, the statement added.