Average Russian gas price at German border fell 5.9% in Feb to $172.4

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Average Russian gas price at German border fell 5.9% in Feb to $172.4 - Econ Ministry

MOSCOW. March 29 (Interfax) - The average contract price of Russian gas at the German border, according to International Monetary Fund (IMF) data, fell 5.9% in February compared with January this year and 48.4% compared with February 2015 to $172.4 per thousand cubic meters, the Russian Economic Development Ministry said in a monthly monitoring report.

The gas price was $177.8 in January-February, down 47.4% year-on-year.

"The key factor in the ongoing decline in contract prices for Russian gas in the European market is the negative dynamic oil prices in 2015," the ministry said. Natural gas prices are coupled to oil prices in contracts and lag behind them by six-to-nine months.