Bulgaria Expects Fuel Price Drop as Oil Falls 20%, Says Finance Minister

Caretaker Finance Minister Georgi Klisurski said he expects fuel prices at gas stations to ease in the coming period, pointing to a sharp decline in international oil markets. He noted that crude prices have already dropped by around 15% to 20% following what he described as a two-week ceasefire agreement between the United States and Iran.

Speaking after a meeting of the Council of Ministers, Klisurski linked the development to broader de-escalation in the Middle East, describing it as the most reliable path to easing the current price shock. He said that “now I expect a drop in gas station prices in the foreseeable future,” reflecting the trend on global markets.

The government, he added, has already allocated targeted financial support measures, including up to 18 million euros for intercity transport services. These funds are primarily directed at smaller municipalities, rural areas and mountainous regions, along with an additional 2.5 million euros earmarked for school transport.

Klisurski also outlined a broader package of transport-sector measures already activated by the cabinet. These include delaying an increase in toll fees originally scheduled for April 1, a move he said would retain around 30 million euros within the sector, mainly benefiting smaller operators and carriers using older, more polluting vehicles. He also pointed to options for deferred leasing payments through the Bulgarian Export Insurance Agency.

In addition, he confirmed that Bulgaria has notified state aid for the transport sector totaling 50 million euros. “Regardless of the situation, we will take adequate actions aimed at the sectors and citizens who are in greatest need,” he stated.

On market oversight, Klisurski said multiple institutions, including the National Revenue Agency, the Consumer Protection Commission and the Competition Protection Commission, are monitoring fuel pricing practices. The aim, he said, is to prevent unjustified profit increases and ensure that any changes in wholesale costs are not unfairly transferred to consumers.

He explained that regulators are working at different levels of the supply chain, with the Competition Protection Commission focusing on wholesale markets, while the NRA and other bodies are concentrating on retail gas stations. According to him, inspections have already covered more than 1,000 fuel stations, with no evidence so far of speculative pricing or excessive margin increases.

“Most of the gas station chains are trying to absorb part of the increase in wholesale prices by reducing their margins,” Klisurski noted, adding that inspections will continue through April, with more detailed data on turnover and profits expected later in the month.

He also said the full package of measures has been designed to balance effectiveness with limited impact on the state budget. In total, including the increased support notification, the planned interventions amount to just over 125 million euros. The objective, he concluded, is to limit inflationary pressure, safeguard employment and prevent further price shocks while using minimal public resources.