Electricity and natural gas prices rise from Friday amid soaring energy prices.

According to the Ministry of Industry, Trade and Energy, natural gas prices for households are set to increase by three percent, or zero-point-43 won per megajoule.

The prices for commercial use will rise one-point-two to one-point-three percent, or zero-point-17 won.

The ministry said it had to raise the prices due to spikes in global natural gas prices.

The latest hike marks the first since the nation slashed the prices 13-point-one percent in July 2020.

From Friday, electricity rates will also go up by six-point-nine won per kilowatt-hour.

This would raise the average monthly gas and electricity bills for a four-member household by about three-thousand won.