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HomeLithuaniaNatural gas prices for Lithuanian consumers may fall 17-27 pct from April

Natural gas prices for Lithuanian consumers may fall 17-27 pct from April

Natural gas tariffs for Lithuanian consumers, currently set for the first half of this year, may be cut by 17-27 percent from April amid falling gas prices in the markets.

Ignitis, the electricity and gas supply subsidiary of the state-controlled energy group Ignitis Group, the National Energy Regulatory Council (NERC) and the Energy Ministry have agreed to revise the tariffs earlier than usual, LRT TV has reported.

NERC Chairman Renatas Pocius said new tariffs could be set by the end of February.

“Based on preliminary estimates, tariffs for all consumer groups would decrease by about 22 euro cents per cubic meter, or 17-27 percent,” Pocius told the public broadcaster.

Ignitis Group spokeswoman Laura Beganskiene says that the price of gas purchased for household consumers for the second quarter could be around 20 euros per megawatt-hour lower than forecast last fall.

Energy Minister Dainius Kreivys says that legislation is currently being drafted to allow the market regulator to respond more flexibly to gas market price fluctuations and is expected to be tabled to the parliament in early March.

The natural gas price for the first half of this year is 4-7 cents lower compared to the second half of 2023.

Gas tariffs for consumers are normally set twice a year and take effect on January 1 and July 1.

Source: BNS

(Reproduction of BNS information in mass media and other websites without written consent of BNS is prohibited.)

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