Russia may cut the price of natural gas for Armenia by 15-20%, Konstantin Simonov, the head of the National Energy Security Fund of Russia said at a round table discussion on the Caucasus Eurasian integration process, ARKA reports.

"This is my personal forecast, though I believe the current gas price for Armenia is already law. Nevertheless, due to a drop in world gas prices, the difference between the tariffs at which Russia is providing gas to Armenia and other countries has decreased," he said.

Armenian Deputy Minister of Energy and Natural Resources Areg Galstyan, in turn, noted that Armenia is interested in the early completion of negotiations on the reduction of Russian gas prices.

"The reduction of tariffs would serve as a powerful stimulus for the Armenian economy, including heavy industry, which is important in terms of GDP growth," said Galstyan.

In mid-January, Armenia’s authorities asked their Russian counterparts to lower the price for the natural gas imported to Armenia. Talks on the issue are still underway.

Russia’s Gazprom that supplies about 80% of Armenia’s gas, lowered the tariff from $190 to $165 per thousand cubic meters less than a year ago. The move, however, did not translate into corresponding retail price reductions for Armenian households and corporate consumers. In 2015, Armenia imported 1.9 billion cubic meters of Russian gas, down by 6.8% against 2014.