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Free AccessSouth Korea Raising Domestic Gas Prices to Reflect LNG Imports
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.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.