Bulgaria's state-run gas monopoly Bulgargas said on September 9 2011 that it had submitted to the State Energy and Water Regulatory Commission (SEWRC) a proposal for a 14 per cent increase in natural gas prices from October 1 2011 reports Sofia Echo.
A month ago, Bulgargas had estimated that the price of gas should go up by 20 per cent.
The proposal for a smaller increase is a result of additional agreements with the three Russian gas suppliers which will allow Bulgargas to optimise its spending by the end of 2011, the company said.
Should Bulgargas' proposal be approved, it will start selling gas at a price of 634.44 leva a 1000 cu m excluding VAT, up by 77.22 leva from the current tariff approved by the regulator