Bulgaria Warned: Gasoline Could Hit €1.50 if Oil Reaches 100 Dollars per Barrel

In Bulgaria, fuel industry experts warn that if oil prices reach USD 100 per barrel, gasoline at the pump could exceed €1.50 per liter. Ventsislav Pengezov, owner of a gas station in Ruse, told BGNES that in just four days, retail fuel prices have risen by roughly 14 euro cents per liter. He noted that market dynamics, rather than the price at which crude was delivered to refineries before the Middle East conflict, largely dictate fuel prices. Pengezov also criticized the government’s announced inspections of gas stations for unjustified price increases as unnecessary. He suggested that if reserves are available, they should be released to help stabilize the market. Should oil prices surpass USD 100 per barrel, he warned, standard fuel types could reach or even exceed €1.50 per liter.

Contrasting this view, Vasil Simov from the Sofia Stock Exchange emphasized that there is no risk of fuel shortages or a sudden spike in prices. Speaking on Bulgarian National Radio, he said that while prices at gas stations have increased by 3-4 euro cents, this reflects psychological factors and market expectations rather than a real supply issue. “Fear drives prices up, but consumption has not increased enough to justify a sharp rise,” Simov noted.

Simov explained that fuel traders adjust prices partly to cover potential future costs, and such increases should not be seen as unjustified. Inspections by authorities like the CPC will likely confirm that any price changes align with operational costs. “Competition among gas stations is intense, and there is sufficient fuel available,” he added. According to Simov, while rising demand may gradually push prices higher, the current market remains balanced. Bulgaria imports crude oil from multiple sources and is not heavily dependent on Iran, and reserves are adequate to prevent disruption. He concluded that although prolonged conflict in the region could eventually influence wholesale and retail fuel prices, there is no immediate reason for alarm.