Bulgargaz To Propose 9.0% Cut in NatGas Prices as of January 1

Bulgargaz To Propose 9.0% Cut in NatGas Prices as of January 1

Gas monopoly Bulgargaz will most likely propose a 9.0% reduction of natural gas prices as of January 1, the company's executive director Dimitar Gogov said.

The exact size of the cut will become clear on December 10 when the company plans to submit its proposal to the country's energy regulator, expecting that the exchange rates for the Bulgarian lev against the U.S. dollar will improve in the following days, in favour of the Bulgarian consumer, state-run Bulgarian News Agency quoted Gogov as telling a news conference.

Gogov pointed out that the U.S. dollar traded for 1.56 levs when the natural gas prices for the fourth quarter were calculated, versus 1.52 levs at present, and this too will be taken into account in the new price.

Bulgaria's energy regulator revises gas prices on a quarterly basis.

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