Hysteria over Iran, Seasonal Demand Drive Fuel Prices Up – Bulgarian Expert

Energy | July 25, 2012, Wednesday // 19:35|  views

Andrey Delchev, Chair of the Bulgarian Petroleum and Gas Association (BPGA), photo by BGNES

Andrey Delchev, Chair of the Bulgarian Petroleum and Gas Association (BPGA), has argued that fuel prices are climbing due to the 'hysteria over Iran' and the seasonal increase in demand.

In a Wednesday interview for Darik Radio, Delchev explained that the seasonal factor caused fuel prices to increase each summer but it only added several stotinki to retail fuel prices.

The BPGA Chair noted that the major price increases were triggered by global markets reacting to circumstances like the July 13 terror attack against Israeli tourists in the Black Sea city of Burgas.

"The terror attack in Burgas had an impact on crude oil prices because one of the major oil producers, Iran, was cited as an indirect culprit and a supporter of terrorism. This creates threats for attacks against Iran (Israel was yet again adamant in its stance) and threats against Iran means threats against crude oil supplies. As long as it lasts, it won't make any difference if the motive was the terror attack in Bulgaria or the growing hysteria over Iran. As long as this lasts, crude oil prices will stay high," Delchev declared.

Meanwhile, Bulgarian right-wingers reiterated demands that the Commission on Protection of Competition (KZK) should come up with a statement regarding the existence of a cartel agreement among fuel companies in Bulgaria.

The Blue Coalition called on the anti-trust watchdog to explain the rising fuel prices in the country and its persistent failure to shed light on the existence of unfair competition among companies in the sector.

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Tags: Andrey Delchev, Bulgarian Petroleum and Gas Association, BPGA, fuel prices, fuel retailer, Iran, Burgas, terror attack, Israeli tourists, oil production, oil supplies, Blue Coalition, Commission on Protection of Competition, KZK, cartel agreement


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