Electricity and gas prices may rise more than consumers originally anticipated starting next month.

The Ministry of Trade, Industry and Energy said on Monday that it has not ruled anything out as it reviews the October fee hike. 

With the state-run Korea Electric Power Corporation reeling from soaring global energy prices, the government is reportedly looking to raise the adjusted unit cost for the fourth quarter.

In late June, the ministry enacted revisions, allowing for an increase to the adjusted unit cost by as much as five won per kilowatt-hour effective from the third quarter, rising from up to three won on-quarter and an annual maximum of five won.

The government had previously committed to a price increase of four-point-nine won per kilowatt-hour in both April and October in consideration for rising fuel prices late last year.

Gas fees could also further rise from the government's earlier planned hikes in May, July and October this year.