The price of natural gas in Bulgaria might go up by 5% from April, according to the country's State Commission for Energy and Water Regulation (DKEVR).

"The increase of oil prices, as a result of the situation in Libya, might up the price of natural gas in Bulgaria by 5% from April, but this would not affect the price for end consumers," said Angel Semerdzhiev, head of DKEVR.

According to him, it is too early for speculations about drastic hikes for the second quarter of the year. He added, however, that if the oil prices continue to go up, they would have a more serious effect on the natural gas prices in Bulgaria in the third and fourth quarter of 2011.

"Then, we will look for any reserves, including local production, in order to ensure a smooth increase of the natural gas price," Semerdzhiev said.

Bulgaria's state natural gas company Bulgargaz has forecast an increase of prices of about 6% from April 1. According to the DKEVR head, the percentage could be smaller if the oil prices decrease and if there is less demand.

Semerdzhiev pointed out that the affect of the current situation in the Arab world on oil prices makes forecasts difficult.

"If the political instability does not affect oil prices significantly, we would not have any ground for worrying about increase of natural gas prices, even in the summer. The good news is that consumption is decreasing and so Bulgargaz would have to buy smaller amounts of natural gas," he said.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!