December 12 (SeeNews) - Bulgarian gas monopoly Bulgargaz said it proposed a 13.53% increase of the wholesale price of natural gas for the first quarter of 2017.
According to the proposal which Bulgargaz has submitted to the energy regulator for approval, the price will be increased by 36.12 levs per 1,000 cu m to 302.99 levs ($163.9/154.8 euro) per 1,000 cu m, excluding VAT and excise duty, Bulgargaz said in a statement on Friday.
In November, Bulgargaz said it plans to propose a 10.23% increase of the wholesale price of natural gas for the first quarter of 2017 due to an expected rise in international gas prices.
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)