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Bulgaria’s ‘Gas Co’ calls for 26% price hike

Bulgaria’s state-owned gas company Bulgargaz demanded Monday a 26% price hike on natural gas starting January 1.

The company previously planned to ask the utilities regulator DKEVR for a 33,6% hike but after the economy ministry said it would not allow a drastic price increase, Bulgargaz came up with a lower price proposition. The hike is based on record high prices for crude oil and other fuels, experts said. According to deputy economy minister Galina Tosheva, the ministry’s calculations show that the hike could be easily slashed down to 16%. (