Serbian gas industry organization chief warns of higher prices

“The price of gas which Serbia is negotiating with Gazprom will be higher because the forumal used to date was linked to oil prices and the formula will probably be changed to include the market price which depends on the deal made by Srbijagas and Gazprom,” Gas Association of Serbia senior official Vojislav Vuletic told the state TV (RTS).

He said the formula used to date set a price of 270 Dollars when oil cost 55 Dollars a barrel and warned that oil prices have risen to more than 100 Dollars.

“The price will be almost double what it is now,” Vuletic said.

He said politics were involved in the energy industry with gas prices needlessly rising.