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Gazprom Armenia does not compensate the amount of $15 of the gas price and may ask to increases the price by $30, the Chairman of Armenia’s Public Services Regulatory Commission (PSRC) Garegin Baghramyan told reporters on Saturday. In his words the negotiations over the gas price with Russia continue, and the Russian side has not submitted a bid for tariff change yet.

To remind, from 1 January this year, Russia has raised the price for the gas it sells to Armenia by 10 percent from $150 to $165 per one thousand cubic meters, but customers continue to pay the same price thanks to internal adjustments.

“The issue is about increasing the price by $30. The justification is that the acting tariffs do not satisfy the needs of Gazprom Armenia [the Armenian subsidiary of Gazprom],” Baghramyan said, adding the move will not mean an actual $30 increase in tariff for households, as negotiations with the company cover issues related to the optimization of the company, possible cost-cutting of the company and long term investment totaling to 500 million USD.

“I think the negotiations will conclude by April 1” said Baghramyan, adding once the bid is submitted the Regulatory Commission will discuss it within 80 working days as envisaged by the law.