The government will raise natural gas prices for households and for commercial use from July as planned, raising concerns inflation will further accelerate in the nation.
The Ministry of Trade, Industry and Energy and the Korea Gas Corporation said on Monday that gas prices will rise by zero-point-67 won to one-point-90 won per megajoule.
The increase comes after such prices were marked up to one-point-23 won in May and are set to be raised to two-point-30 won in October.
Also in October, the government is set to raise electricity prices by four-point-nine won per kilowatt-hour after previously hiking such prices by the same rate earlier in April.
Concerns are rising that electricity prices could be raised before October, as the Korea Electric Power Corporation is set to present to the government on Thursday a motion seeking to raise power fees in the third quarter, given the significant deficit it has suffered due to the recent surge in fuel prices.
Depending on the government’s decision, electricity fees could go up next month.
Source: KBS World Radio