Latvia to increase gas prices for households by almost 90% from July

The final cost, as well as its growth, will depend on the annual volume of fuel consumption. It is expected that, taking into account excises and VAT, the price of gas will increase from 65.6% to 89.9% from July 1

Tariffs for the use of natural gas for households in Latvia from July 1 will increase in the range from 65.6 to 89.9%, depending on the volume of consumption, the Latvian gas company Latvijas Gaze told Latvijas Vestnesis.

Thus, for households consuming up to 250 cubic meters of natural gas per year, the differentiated final sales tariff with value added tax (VAT) and excises for the second half of the year will increase by 65.6%, from €1.10209 to €1.8252 . per cubic meter; and for families whose annual needs are from 250 to 500 cubic meters, — by 74.7%, from €0.96649 to €1.6896 per cubic metre.

Households consuming from 500 to 25 thousand cubic meters of natural gas per year will have to pay more already by 89.9%, the cost of fuel will increase from €0.80405 to €1.52715 per cubic meter.

On March 31, Russian President Vladimir Putin signed a decree on gas payments with “unfriendly” countries in rubles. The document obligated them to open two accounts in the Russian Gazprombank (currency and ruble) and pay according to the new scheme starting from April 1. Unfriendly states must pay in foreign currency, and the bank— sell it on the stock exchange and credit the received funds to a ruble account. Only after that the payment will be considered paid.

The Baltic countries and the European Union refused to make payments according to this scheme. On April 3, gas stopped flowing to Latvia. At the end of May, the head of the Ministry of Foreign Affairs of the republic, Edgar Rinkevich, in an interview with Al Jazeera TV channel, said that the authorities want to completely abandon Russian fuel supplies. Earlier, Chairman of the Board of the Central Bank of Lithuania Gediminas Simkus said that neighboring Latvia imports up to 80% of gas from Russia.

Now deliveries to Latvia are carried out by the Klaipeda liquefied natural gas terminal and the Inčukalns underground gas storage facility. The country has no reason to worry about its energy security for several months, as the second storage facility has “unusually a lot of gas for this period,” said the head of the operator of the Latvian gas transmission system Conexus Baltic Grid (Conexus) Uldis Bariss.

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