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S. Korea to Raise Gas Prices

S. Korea to Raise Gas PricesS. Korea to Raise Gas Prices

South Korea’s energy ministry on Monday said it would raise the country’s retail prices for natural gas by 0.2-3.2% from May 1 for users in sectors, including industry and transportation, because of higher oil prices. However, prices for households and businesses such as hotels or restaurants will remain unchanged, as they are “closely linked to everyday lives” of people, the ministry said in a statement, Reuters reported. That marks the country’s first change in gas prices in 2018, after it lowered domestic gas prices by an average of 9.3% from last November.  South Korea, the world’s third-largest liquefied natural gas importer, brings in most of the fuel through state-run Korea Gas Corporation.  In the first three months of this year, South Korea imported about 13 million tons of liquefied natural gas, up 14% from the same period of a year ago, according to customs data.

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