The expected fuel price increase in Bulgaria after the US sanctions against the Russian oil companies "Lukoil" and "Rosneft" will not exceed 10%, and the effect will be short-term - no more than two weeks. This is predicted by economist Krasen Stanchev, founder of the Institute for Market Economics, in an interview with Bulgarian National Radio.
"If there is a rise in fuel prices due to US sanctions on the Russian oil companies 'Lukoil' and 'Rosneft', it will not exceed 10%, and the price increase will be short-term for no more than two weeks," Stanchev told host Emilia Nikolova.
The economist recalled that since 2000, the share of household spending on gasoline or diesel has decreased by about three times, and in parallel with this, incomes have increased significantly.
"There are sufficient oil supplies in this part of Europe. The question is whether the sanctions will not affect other suppliers. If this happens, temporary problems may arise, but they will be overcome," Stanchev assured.
According to the economist, with the parliament's decision to sell assets to "Lukoil Neftokhim" to be made after the opinion of SANS, important questions arise about the transparency of the process.
"It is important to formulate clear criteria according to which various state bodies can intervene. The reason is the state share in the company, which is about 20-23%. The intervention of services working with classified information is not a sufficiently transparent procedure, which raises legitimate concerns," he said.
According to Stanchev, companies from Turkey and Azerbaijan are showing interest in "Lukoil Neftokhim". The expert is of the opinion that it is good for the buyer to be from the European Union and without ties to sanctioned companies from Russia and Belarus.
The government announced that Bulgaria has guaranteed quantities of fuel until the end of the year, and Energy Minister Zhecho Stankov assured that there is a clear plan of action after the US sanctions.