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SOFIA (Bulgaria), August 11 (SeeNews) - Bulgarian public gas supplier Bulgargaz said on Friday it plans to propose to the country’s energy regulator to cut the wholesale price of natural gas by 6.0% in the fourth quarter of 2017 due to strengthening of the lev currency against the U.S. dollar.
Bulgargaz is going to seek a cut of 22.22 levs, to 347.99 levs ($209.8/177.94 euro) per 1,000 cu m of gas, excluding transport costs, VAT and excise duty, the company said in a statement.
The company will submit its final proposal to the energy regulator on September 8.
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 (EWRC) 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)