Bulgargaz Seeks 21.31% Hike in Gas Prices for Q1'09, Down from 25.88% Requested Earlier

Bulgargaz's request should be approved by Bulgaria’s State Energy and Water Regulatory Commission (SEWRC).

The requested hike by 114.80 levs per 1,000 cubic metres reflects the approval by the regulator of a lower price than the one sought by Bulgargaz for the last quarter of this year, the weakening of the Bulgarian lev against the U.S. dollar, and the lower international prices of gas oil and fuel oil, which are alternatives the company said in a statement.

Bulgaria raised gas prices by 23.89% to 538.66 levs per 1,000 cubic metres Value Added Tax excluded in the last quarter of this year.

Bulgaria, which imports more than 85% of its gas from Russia, replaced in 2006 its deal with Gazprom for the supply and transit of natural gas through 2010 with a new contract that the government then said envisaged a gradual rise in delivery prices until 2013 and increase in transit volumes until 2030.

(1 euro = 1.95583 Bulgarian levs)