Electricity rates are set to rise further as the Korea Electric Power Corporation(KEPCO) looks to run up an unprecedented deficit of 30 trillion won.

The Ministry of Trade, Industry and Energy on Sunday said that the government is considering raising the standard fuel cost, one of four factors that impact the electricity rate along with the basic rate, the climate environment fee and the fuel cost adjustment rate.

The standard fuel cost is based on the fuel price the preceding year, reflecting the average value of prices for liquefied natural gas, coal and oil posted by Korea Customs Service.

LNG prices averaged over one-point-three million won per ton from January to September of this year, more than double that of the same period last year.

An official from the ministry said that an increase in the electricity rate next year is inevitable considering rising global energy prices and KEPCO's deficit situation, adding that the ministry was preparing specific adjustment measures.

Another official from the ministry said while raising prices would be inevitable, the extent and intensity would need to be discussed.