Fuel prices may not rise much

The Ministry of Commerce, Industry and Energy has decided to raise the prices of liquefied petroleum gas and light oil, which are being consumed by vehicles at lower-than-expected rates.

Ministry officials said that the MOCIE would adopt a lower price increase for LPG and light oil than was suggested by the Korea Energy Economics Institute in June. Prices will be finalized this month after a series of public hearings.

Initially, the recommendation of the institute called for adjusting the price ratios of gasoline, light oil and LPG to 100:70-80:55-65 from the ratio of 100:44:27 at the end of last year. But the ministry is considering a ratio of 100:55-65:40-50.

Park Won-Jae parkwj@donga.com