Russia's Gazprom - the owner of Armenia’s national gas distributing company Gazprom Armenia- will bear all the risks stemming from the reduction of gas tariff in Armenia, chief of the Public Services Regulatory Commission (PSRC) Robert Nazaryan said on Monday, November 7.

According to him, the PSRC plans to revise the tariff for gas before the end of November, but the final decision will come into effect in January 2017, set to be valid for a year.

Also, Nazaryan said, the PSRC has started a revision of electricity tariffs for consumers, looking to decrease the price.

"We have already notified all energy-generating companies that we have begun the revision process and invited them to present their positions," Nazaryan said, adding that the final decision will be made before the end of the year to become effective from February 1 next year.