S. Korea to hike Q2 electricity, gas rates on high costs, losses

SEOUL, May 15 (Yonhap) -- South Korea will raise second-quarter electricity rates and gas prices on high global energy costs and mounting losses of the state utility companies, the industry ministry said Monday.

The government will jack up the electricity rates for consumer and industrial use by 8 won (US$0.01) per kilowatt hour (kWh) for the April-June period, compared with a 13.1 won increase per kWh in the first quarter of this year, according to the Ministry of Trade, Industry and Energy.

The fee hike is estimated to cost a four-member household around 3,000 won more on average per month.

The government also decided to raise the second-quarter gas prices used for cooking and heating by 1.04 won per megajoule after freezing them in the first quarter, which will cause a four-member household to pay about 4,400 won more per month, the ministry said.

graceoh@yna.co.kr
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