South Korean government plans to cut the price of LNG by 10.1% during the next month.
This cut is the second in two months and largest ever. It is aimed at stabilizing the consumer price growth hit by the oil plunge, the Ministry of Trade, Industry and Energy informed as local media report. It is expected that the price reduction will also help the businesses that rely on LNG for their production.
According to the ministry, falling oil prices during the last two months of 2014, enabled the government to cut the LNG price starting in March.
Ministry also added that in case of further drops in oil prices it will adjust the LNG prices accordingly.
[mappress mapid=”16755″]
LNG World News Staff; Image: Kogas