Oil Expert: Euro Changeover Won’t Impact Fuel Prices in Bulgaria

The upcoming changeover from the lev to the euro in Bulgaria will not drive fuel prices up, according to Svetoslav Benchev from the Bulgarian Oil and Gas Association. Speaking to NOVA NEWS, he assured that the currency switch will have no impact on price levels, which are instead determined by the global crude oil market. “Whatever prices we see in levs now will be the same in euros,” Benchev said.

He noted that fuel prices in Bulgaria are currently experiencing a slight decline - around 1% - thanks to the stable conditions on international markets. This translates to a drop of 1–2 stotinki for gasoline and diesel at the pump. Global oil prices are holding steady, fluctuating between and per barrel. “We don’t expect any drastic changes. The market is calm and we foresee stagnation at these levels,” Benchev added.

The dual display of prices in both levs and euros will begin roughly a month after the Eurogroup’s final decision, expected by the end of July or the start of August. On the issue of possible rounding errors, Benchev was clear: “There will be no rounding. And if it happens, it’ll be in favor of the customer, not at their expense.”

Benchev also addressed the technical side of the currency transition. Work is underway to adapt the cash registers to comply with Regulation 18, a process he described as challenging but progressing. While gas station totems will continue showing prices in just one currency due to technical constraints, receipts and pump displays will feature both.

Looking beyond prices and currency, Benchev also highlighted a major event set for June 13 - the “Tour of Europe,” part of a European initiative to promote renewable and synthetic fuels. It will take place from 10:30 to 12:30 at Alexander Battenberg Square in Sofia. The goal is to raise awareness about clean fuel alternatives that can be used in current combustion engines, as part of the broader energy transition.

“We want to show that the shift to green energy won’t come solely from electric vehicles,” Benchev said. He pointed to zero-emission biofuels and synthetic fuels as viable options already being produced in Bulgaria. Two domestic companies are active in this space, though prices remain high - 30–40% above those of traditional fuels.

Benchev called on the state to support the use of alternative fuels by introducing temporary excise tax relief. While such a move isn't legally required, he argued it will become necessary, particularly in the freight sector. “We won’t manage with electric trucks alone,” he warned.