South Korea has raised retail natural gas prices for households and industry by an average of 3.1% from March 1 to reflect higher LNG import costs, the Ministry of Trade, Industry and Energy said Wednesday.
"International oil prices have increased, boosting LNG import costs, so the government has decided to raise city gas rates from March 1," the ministry said in a statement.
City gas prices were last raised 6.1% from November 1 last year on higher LNG import costs, the first hike in city gas rates since September 2015.
South Korea cut city gas rates three times last year -- by 5.6% in May, 9.5% in March and 9% in January -- after combined cuts of more than 20% in 2015 amid a fall in import costs.
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