Fuel Prices in Bulgaria: Can They Drop Below 1 Lev?

Energy | June 18, 2024, Tuesday // 17:54|  views

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In Bulgaria, there is anticipation over the direction of fuel prices in the coming weeks, with Dimitar Hadjidimitrov from the Association of Bulgarian Fuel Traders, Manufacturers, Importers, and Transporters providing insights. According to Hadjidimitrov, current fuel prices are expected to remain stable for the next 2-3 weeks, with slight fluctuations observed recently.

Fuel prices are currently averaging between BGN 2.50 and BGN 2.60 per liter in various chains, slightly higher than the same period last year but below the peak reached toward the end of July 2023. Despite these prices, fuel consumption this year has been lower, influenced partly by higher temperatures which reduce energy demand in production.

Hadjidimitrov notes a downward trend in the price of methane, which is now one of the most economical fuel options available in Bulgaria. He anticipates that prices could potentially drop below BGN 1 per liter in some locations, particularly with increased supply expected by mid-week.

The positive news for Bulgaria's fuel sector is the operational efficiency of local refineries, which are currently running at 95% capacity and ensuring a steady supply of a variety of fuels. Imports are also proceeding without disruption, supporting market stability.

Looking forward, Hadjidimitrov highlights upcoming challenges for the industry, including Bulgaria's obligation to introduce different biofuels and comply with emissions trading quotas starting next year. These regulatory changes are projected to increase fuel prices by approximately BGN 0.50 to BGN 0.60 per liter. He emphasizes the importance of implementing these measures sensibly to mitigate potential impacts on the broader economy, as rising fuel costs could lead to higher prices for goods and services across Europe.

Amidst these considerations, the fuel industry in Bulgaria is awaiting developments in the political landscape, which will play a significant role in shaping future analyses and forecasts for the sector.

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Tags: fuel, prices, Bulgaria

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