Bulgaria’s Fuel Prices Stay Steady: Analyst Rules Out New Hikes Despite Lukoil Saga

Dimitar Georgiev, a Bulgarian financier and international markets analyst, stated that he does not anticipate any further increase in fuel prices in the country. Speaking to Bulgarian National Radio, Georgiev attributed the minor recent price fluctuations to temporary uncertainty surrounding the future operation and ownership of the Lukoil refinery, a situation that has now been resolved at least until April 29. He emphasized that the previous risk of the refinery halting production, which had caused concern, has effectively been removed.

According to Georgiev, fuel prices in Bulgaria remain historically low despite ongoing inflation over the past years. He noted that prices are similar to those seen five years ago, while incomes have increased significantly, allowing citizens to purchase two to three times more fuel today than a decade ago. On the international market, light crude oil is trading at around 60 USD per barrel with minimal fluctuations, and Georgiev expects a gradual decline in global oil prices in the coming months due to an anticipated surplus of nearly 2 million barrels per day in 2026.

Georgiev also highlighted the importance of lifting the current fuel export ban to restore the normal operation and export rhythm of the Lukoil refinery. He expressed confidence in the special manager, Rumen Spetsov, citing that state support and pressure would help ensure the refinery’s operations continue smoothly.

Looking ahead, Georgiev stressed that the ideal outcome would be for Lukoil to be acquired by a reputable American or Western European company with extensive experience in oil production, extraction, and trade. As a secondary option, a Western investment fund could also take ownership. He described this moment as a historic opportunity for Bulgaria to resolve a long-standing strategic issue regarding the ownership of one of the country’s key industrial assets.

Georgiev’s overall outlook remains positive, both for stable fuel prices domestically and for the potential strategic restructuring of the Lukoil refinery in the national economy.

Source: BNR interview