The South Korean government said Thursday that it would reduce city gas prices for the third time this year to reflect low product costs caused by cheaper crude oil prices.

The city gas prices will be lowered on average by 10.3 percent from May 1, according to the Ministry of Trade, Industry and Energy. The prices were cut by 5.9 percent in January and 10.1 percent in March.

The three cuts would reduce the price of city gas on average by a total of 24 percent compared with the end of last year.

The cuts came as production costs declined amid cheaper crude oil that lowered the price of liquefied natural gas (LNG).

The government expected that household costs for using city gas in 2015 would reduce to an average of 581,000 won (535 U.S. dollars) from 676,000 won in 2014. Endi

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