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South Korea Raising Domestic Gas Prices to Reflect LNG Imports

LNG

South Kore is raising its domestic natural gas prices by 7 to 7.7% from July 1 to reflect higher LNG import costs according to the ministry of trade today.

  • "International oil price rose 61% and LNG spot prices jumped 141% from a year earlier, which has put pressures in hikes in domestic natural gas prices," it said, adding "The hike is inevitable as global oil and natural gas prices have soared and the local currency has weakened sharply since the second half of last year, but the government tried to keep the increase rate at a minimum level given its impact on inflation,"
  • South Korea's LNG imports rose 1.3% year on year to 20.273 million mt for the first five months this year, compared with 20.004 million mt in the same period last year.
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