Angel Semerdzhiev, Chairman of the State Commission for Energy and Water Regulation (DKEVR), has warned about a substantial increase in natural gas prices from April 01, which will also affect central heating rates.

In a Tuesday interview, Semerdzhiev said that the upcoming spike in heating rates would include the 4.34% increase in gas prices from the beginning of 2012, when heating prices were artificially kept down.

Last week state-owned gas supplier Bulgargaz proposed a 26% increase in gas prices from April.

In his Tuesday statement Semerdzhiev admitted that his pervious forecast that gas prices would grow by no more than 7-8% would have to be revised.

"Unfortunately, my expectations that the price levels for petroleum products would settle did not come true. We are facing record prices of petroleum products and the prices through which the cost of natural gas in Bulgaria is calculated are tied to the prices of fuels on Mediterranean markets," the DKEVR Chair explained.

He said that the US dollar to Euro rate would also have a negative impact.

"The increase in prices of natural gas will also push up prices of cogeneration electricity, which will affect power rates which are to enter into force from July 01," the Chair of the energy watchdog specified.

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