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SOFIA (Bulgaria), November 13 (SeeNews) - Bulgarian public gas supplier Bulgargaz said it plans to propose to the country’s energy regulator to increase the wholesale price of natural gas by 4.84% in the first quarter of 2018 to reflect the strengthening of the local currency, the lev, against the U.S. dollar and expectations for higher gas prices.
Bulgargaz is going to seek a hike by 16.65 levs, to 359.87 levs ($214.39/184 euro) per 1,000 cu m of gas, excluding transport costs, VAT and excise duty, the company said in a statement on Friday.
The company will submit its final proposal to the energy regulator on December 11.
Bulgarian energy regulations require Bulgargaz to set the gas price quarterly, taking into account global oil prices and the lev/dollar exchange rate. The Energy and Water Regulatory Commission has the final say on the proposed change in the wholesale price, at which the state-owned company sells natural gas to end-suppliers and customers directly connected to its transmission network.
Bulgaria imports almost all the natural gas it needs from Russia via a pipeline crossing Ukraine, Moldova and Romania.
(1 euro = 1.95583 levs)