Each three months Bulgargas issues a report on natural gas prices suggesting a regulated price, which is then filed for approval with the State Commission of Energy Regulation.
The 10.78% hike, or 34.46 leva per 1000 cubic meters, is necessary since the prices of petrol on the interantional markets have kept rising in the past 5 months, which led to an increase in prices of natural gas across Europe.
According to the 1998 agreement between Bulgargas and Gasprom Expert, prices of natural gas in Bulgaria are defined on the basis of the fluctuation of the prices of other petrol prices.
In spite of these fluctuations prices on the domestic market in Q4 will stay approximately 160 leva, or 30%, lower than the average EU per 1000 cubic meters, Bulgargas added.
After the suggested price is confirmed by the State Commission it will be announced in two national daily newspapers.