Gas meters are installed at a multi-housing area in Seoul. (Yonhap)
SEOUL, Nov. 8 (Korea Bizwire) – With colder weather rapidly approaching, worries are mounting over the cost of heating this winter as prices have jumped significantly this year.
The Korea District Heating Corp., a state-run heating operator, reported that the cost of heating per 1 megacalorie (Mcal) this year jumped from 66.98 won in April to 74.49 won in July and 89.88 won last month.
It is the first time for the cost of heating to increase more than three times within a single year.
The home heating cost per 1 Mcal was 65.23 won in late March, which spiked to 89.88 won last month.
The rate of increase also jumped from 2.7 percent in April to 11.2 percent in July and 20.7 percent in October.
The rate of increase rate of home heating costs was the highest on record since the introduction of new heating pricing standards.
The dramatic rise in heating costs is largely attributed to the soaring price of energy worldwide.
The import price of liquefied natural gas (LNG) jumped from US$571.15 last year to $1,465.16 per ton this year, which has led to a 30-percent hike in gas prices.
M. H. Lee (mhlee@koreabizwire.com)
