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Bulgargaz has proposed to increase natural gas price for consumers by 3.4% for the fourth quarter of 2016.
The proposed increase, which will be first since the beginning of the year, is due to the expected higher prices of gas supplies in the fourth quarter and weaker Bulgarian lev, the state-owned Bulgarian gas supplier says in a statement on its website.
The proposed new gas price is BGN 290.63 per 1,000 cubic meters, an increase of BGN 9.55 over the third quarter. The price is free of VAT and excise tax.
Bulgargaz will submit a formal proposal for the increase to the Bulgarian water and energy regulator KEVR on September 10.
The company sets gas prices quarterly, taking into account global oil prices in the previous nine months and the exchange rate of the Bulgarian lev against the U.S. dollar.
The price of benchmark Brent crude oil topped USD 52 per barrel in June and currently hovers around USD 46. The Bulgarian lev has been weakening against the dollar since April, according to data from Bulgaria’s central bank.
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