Bulgargaz Proposes to Cut Gas Price by One-fifth for Q2'2016

Bulgargaz has proposed to cut natural gas price for consumers by 20.64% for the second quarter of 2016 due to expected drop in the price of gas supplies.

"Bulgargaz informs its clients that the projected price of natural gas for the second quarter is BGN 321.87 per 1,000 cubic metres, a decrease of BGN 83.69 compared with the first quarter," the state-owned Bulgarian gas supplier announced on its website on Weednesday.

The price is free of VAT and excise tax.

Bulgaria relies almost entirely on imports of Russian gas to meet its needs.

The Energy Law requires Bulgargaz to inform the public about planned changes in the price of natural gas a month before submitting a formal proposal to the Bulgarian water and energy regulator KEVR.

In December, KEVR decided to cut gas price for the first quarter of 2016 by 2.3% compared with the fourth quarter of 2015. A month earlier Bulgargaz had proposed a cut of 2.1%.

In September, KEVR endorsed a 14.26% cut in gas price for the fourth quarter of 2015 proposed by Bulgargaz.