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LNG Price to Be Cut by 10.3% in S. Korea
(MENAFN- Qatar News Agency) The price of liquefied natural gas (LNG) will be cut by an average 10.3 percent from the start of next month, the South Korean government said Thursday, marking a third price reduction in just five months.
The latest price cut, along with two previous reductions, reflects a drop in global oil prices, South Korean Yonhap News Agency reported the Ministry of Trade, Industry and Energy as saying. "The rate cut is the outcome of efforts to quickly reflect a cut in import prices due to a drop in global oil prices," it said.
The latest rate cut marks the third of its kind since January when the price of LNG supplied by the state-run Korea Gas Corp. was cut by an average 5.9 percent. It was again reduced by an average 10.1 percent at the start of March.
The latest price cut, along with two previous reductions, reflects a drop in global oil prices, South Korean Yonhap News Agency reported the Ministry of Trade, Industry and Energy as saying. "The rate cut is the outcome of efforts to quickly reflect a cut in import prices due to a drop in global oil prices," it said.
The latest rate cut marks the third of its kind since January when the price of LNG supplied by the state-run Korea Gas Corp. was cut by an average 5.9 percent. It was again reduced by an average 10.1 percent at the start of March.
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