South Korea to raise electricity, gas prices in 2nd quarter

ANKARA

South Korea will hike electricity rates and gas prices by 5.3% from a year ago in the second quarter of 2023 due to high global energy costs and losses of state utility firms, local media reported on Monday.

The government decided to raise the electricity rates for household and businesses by 8 won ($0.01) per kilowatt hour for July-December, Yonhap News Agency reported, citing the Trade, Industry and Energy Ministry.

The fee increase is projected to cost a four-member household around 3,000 won ($2.24) more on average per month.

The prices of gas used in cooking and heating will be raised by 1.04 won per megajoule in the second quarter, resulting a four-member household to pay about 4,400 won ($3.29) more per month.