Gas prices for Armenia must be in line with regional tariffs, chairman of the National Assembly Standing Committee on Financial-Credit, Budgetary Affairs said.

“Gas prices must conform to economic benefit and regional tariffs,” Gagik Minasyan said, commenting on the impact of possible upsurge of gas prices on Armenian economy.

Russia and Armenia have reached agreement on Russian gas supply prices, President Serzh Sargsyan said.

“The price of gas supplied to Armenia should be based on market prices, in line with regional tariff prices when maintaining economic efficiency,” President Sargsyan said.

In early July, Armenian media outlets disseminated information on possible surge of Russian gas starting October 1, 2012, with 1,000 cubic meters of gas on border with Armenia to cost $280.