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Bulgargaz , a daughter company of Bulgarian Energy Holding has called for a new 7.12% gas price hike in the country from July in its latest media statement.
The company explained the new gas price increase with the steady upward trend in prices of crude oil and petroleum products on international markets over the past few months.
Bulgargaz has not calculated its uncollected revenue for past periods into the proposal. The estimated price of the commodity for the third quarter of 2011 is BGN 570 per 1000 cu m of gas, VAT excluded.
Bulgargaz' price hike demand from July is in line with the requirements of the Energy Act, under which the company is obliged to make media announcements of quarterly price update requests one month before it submits them with the State Energy and Water Regulatory Commission (SEWRC).
All supplementary changes with an impact on natural gas tariffs, that take place in May and June (prices of petroleum products and BGN/USD exchange rate), will be reflected in Bulgargaz' final gas price proposal for Q3 2011.
According to Bulgargaz, the proposal will be made public before its submission with SEWRC.
The latest price hike demand comes after a 4.47% increase in gas prices in April, although the company initially requested a 6% rise.
Heating tariffs remained unchanged at the time, with SERWC Chairman Angel Semerdzhiev warning that a new gas price increase would result in upward revisions of heating and hot water rates.
Electricity prices are also expected to rise in July. Power distributors requested a 5-14% increase but SEWRC allowed an increase of up to 1.5%.
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