The Serbian government is Thursday to approve the rise in electricity price as of March 1, 2011, Tanjug has learned.

The electricity price will increase by 13.5 percent for households and 15.1 percent for businesses.

Apart from giving its consent for the price increase, the government will also recommend that this should not apply to 1.5 million households which spend up to 350 kWh of electricity on a monthly basis.

According to the announcement, the government made this decision so as to ensure the functioning of the Electric Power Industry of Serbia and at the same time protect the most vulnerable parts of the population.

The electricity price in Serbia was last increased on March 1, 2010, by 10 percent.