The government and the ruling People Power Party(PPP) have deferred a hike in electricity and gas rates from the second quarter.

According to PPP policy chief Rep. Park Dae-chul on Friday, both sides agreed to further gather opinions from experts for a comprehensive assessment on global energy price fluctuations and variables before deciding when to implement the fare hikes and to what degree.

Park said the timing and scope of the hikes will be finalized after a review of the energy ministry's multiple proposals.

Reconfirming the need for the fare hikes aimed at normalizing the debt-ridden Korea Electric Power Corporation and the Korea Gas Corporation, the policy chief said there were calls for restructuring efforts from the two public companies.

The stay also reportedly took into account the increased public burden from any hikes, as well as a recent downward trend in international energy prices, including those of liquefied natural gas and bituminous coal.