The government will raise the residential gas rate by nearly 16 percent starting next month.

The Ministry of Industry, Trade and Energy said on Friday that starting in October, residential gas prices will increase by 15-point-nine percent, or two-point-seven won, to 19-point-69 won per megajoule.

This will raise the average monthly residential gas bill by five-thousand-400 won for households in Seoul that use two-thousand megajoules a month. The estimated bill will further increase to five-thousand-940 won after a ten-percent value-added tax is tacked on.

The general commercial gas price will rise 16-point-four percent, while the rate for bath houses will climb 17-point-4 percent.

The energy ministry said the East Asian spot liquefied natural gas(LNG) price surged from two-point-four dollars per million British thermal units(Btu) in July 2020 to 47 dollars per Btu in the third quarter of this year.

The ministry explained that the Russian war in Ukraine, gas supply disruptions in Europe and the surge in the won-dollar exchange rate drove up the LNG price.