Bulgaria's energy regulator said on Tuesday that it approved a decrease of the wholesale price of natural gas to 27.7 levs ($16.95/14.16 euro) per MWh in December from the price of 28.21 levs per MWh valid in November.
In its decision, the Energy and Water Regulatory Commission (EWRC) took into account the information about the market indices of the European gas hubs and the average euro/dollar exchange rate of the European Central Bank for the month of November, the regulatory body said in a statement.
Under changes to Bulgarian energy regulations introduced earlier this year, public gas supplier Bulgargaz is required to set the wholesale gas price monthly instead of quarterly.
Bulgaria currently imports almost all of the natural gas it needs from Russia.
In March, Bulgargaz negotiated a 40.3% cut in the price of Russian natural gas imports based on an agreement between the European Commission and Russia's Gazprom. Bulgargaz and Gazprom changed the pricing formula for Russian gas imports, setting as its main component the price on the regional markets instead of the price of petroleum derivatives.