State Committee on Energy and Water Regulation (SCEWR) set the price for natural gas for the last quarter of 2007 at 348.96 leva without taxes for 1 000 cu m.

This was a price increase of 9.21 per cent from 319.52 leva per 1 000 cu m, investor.bg reported.

Bulgargaz had requested a price increase of 11 per cent. The company expects to have to request a new price increase in the beginning of 2008 if the price of oil remains at 80 dollars per barrel.

Main factors in the price change were a significant increase of demand for alternative fuels on the international market and the expected demand for natural gas in Bulgaria, investor.bg said.

The price set by SCEWR was a maximum price and Bulgargaz was free to sell natural gas at a lower price, a SCEWR announcement said.

Before setting the new price, a SCEWR workgroup had examined the effects a change in the price of natural gas would have on heating prices.