Bulgaria’s PM reassured: There is No Risk of a Sharp Increase in Prices

According to Prime Minister Nikolaи Denkov, there is no risk of a sharp increase in prices in Bulgaria.

This is how he commented on the veto imposed by President Rumen Radev on the amendments and additions to the Energy Act.

"There is no risk of a sharp increase in prices. I explained the mechanisms that protect consumers from such a sharp increase, because we hear about that two or three times, any such rumors - this will not happen. I guarantee it 100 percent. Will it increase by 2 percent - it might, but, as has been said before, it can also decrease and it can decrease significantly because of the new technologies that go into energy production, a large part of them actually produce much cheaper electricity than what we currently use".

"This liberalization had to happen, the regulation is from 2019, Bulgaria is significantly late compared to the contracts it has signed," said the Prime Minister, who was present at the opening of the new Bulgarian supercomputer "Hemus".

According to him, during the preparation of the Law on Energy, during these amendments, mechanisms were made that will be used to prevent these terrible apocalyptic scenarios of the opposition from happening.

Denkov insisted that vulnerable Bulgarians will be protected through these mechanisms.

The government does not plan to impose administrative measures such as a ceiling on the prices of basic food products. Talks are underway with retail chains to voluntarily set weekly products at lower prices. This became clear from Prime Minister Denkov's comment on the idea announced by the Minister of Economy that the store chains sell 15 essential foods at lower prices:

"This is our common goal - to bring down inflation on the one hand. We prefer to try without administrative restrictive measures. We are not discussing the imposition of administrative measures. They usually give a short-term result. We will try this way. There are preliminary talks, there is an agreement, yes let's try a noble competition between them to win customers".

The Minister of Economy has discussed the measure with the big chains and they have shown understanding, he added.

"There is an economic logic in this, we have spoken with the minister, administrative measures almost never give a medium and long-term plan", commented the Prime Minister.

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