The Energy and Water Regulatory Commission (KEVR) of Bulgaria has adopted a decision to cut price of natural gas for consumers.

State-owned gas supplier Bulgargaz earlier in December proposed the price should be slashed by 2.1%.

KEVR itself, however, believes the decrease should amount to 2.3%.

Bulgargaz for its part insists prices should be decreased gradually until April, when a 10% drop is possible due to "favorable" conditions such as the slump in oil prices and some clauses within long-term contracts with Gazprom.

The supplier maintains the current decrease should be more cautious, with Bulgaria's own reserves currently being depleted.

At a session behind closed doors, KEVR has set natural gas price for consumers connected to the gas network and also for end suppliers will be BGN 405.45 per 1000 cubic meters (excise duties and VAT not included).

Natural gas prices went down 31.16% over the course of 2015, making industrial production (the biggest consumer of gas) more competitive, Ivan Ivanov, who head KEVR, is reported by Dnevnik.bg as saying.