Oil prices have jumped by over 4 percent on international markets due to a new military escalation in the Middle East, which is expected to affect gas stations in Bulgaria.
The United States and Saudi Arabia launched joint strikes in Iraq, and Iran launched ballistic missiles targeting American forces in the region. The actions were defined by Washington as an attempt at a surprise attack. In response to geopolitical tensions, Brent crude reached $87.70 per barrel, and American light crude oil rose to $82.58.
Experts do not expect a quick de-escalation in the Persian Gulf, while US crude oil inventories reported a decline of over 3 million barrels. The situation is further aggravated by expectations that OPEC+ will halt the planned increase in production for three months, starting in October.
The global market shock is already being felt directly by Bulgarian drivers. The price of diesel in our country has crossed the psychological threshold of 1.75 euros per liter.
“Diesel has increased its price by 25 cents in the last two weeks, and gasoline by 10 cents“, said Dimitar Hadzhidimitrov from the Association of Fuel Traders. He added that although the barrel has recorded a slight drop of $15 in recent days, the futures of the final fuels remain at the same high levels.
According to industry data, in five countries of the European Union fuel prices are currently lower than those in Bulgaria, as the respective governments are implementing crisis measures and subsidies. However, similar steps are currently lacking in our country, after the 20 euro monthly aid granted during the term of Andrey Gyurov was terminated.
“However, at the moment, it is unlikely that the Bulgarian government can reduce the price by 7-8 euro cents, because these are huge amounts“, commented Hadzhidimitrov. According to him, despite the price increase, there is no real need for additional state compensation at this stage.