City gas rates will increase again after a month. The Ministry of Trade, Industry and Energy announced on the 29th that from the 1st of next month, city gas rates for housing and general use (civil-use) will be raised by 8.4 to 9.4%. Accordingly, the average gas bill per household is expected to increase by 2,450 won per month. According to Seoul standards, the monthly rate will increase from 29,300 won to 31,750 won.
This rate increase is in response to a government announcement last year. In the meantime, the government has frozen city gas rates in order to stabilize prices despite rising LNG import prices. As a result, Korea Gas Corporation’s receivables increased to 1.8 trillion won (as of the end of last year).
As a result, at the end of last year, the government decided to partially resolve receivables by sequentially raising the settlement unit price in May, July, and October of this year. The city gas fee consists of the ‘raw material cost (standard raw material cost and settlement unit price)’, which is the unit price of LNG import, and the ‘wholesale and retail supply cost’, which is the sum of the supply cost and investment fee of wholesale and retail suppliers. This time, the settlement unit price in the raw material cost will be raised by 1.23 won per megajoule (MJ).
On the 1st of this month, the government raised the price of city gas for housing and general use once by adjusting the standard raw material cost. As city gas rates rise again after a month, the burden on households and self-employed people is expected to increase.
As a result, from the 1st of next month, the housing rate will increase by 8.4% from 14.6543 won per MJ to 15.8810 won.
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