The prices of mainstream fuels will not return to the levels before the war, and values of 60-65 dollars per barrel remain a thing of the past. This was stated by the Chairman of the Bulgarian Oil and Gas Association (BPGA), Svetoslav Benchev, regarding the turbulence on international markets and the logistical challenges facing supplies.
According to him, a possible truce in the Middle East and the restoration of traffic through the key sea route are the only condition for maintaining current price levels for the end consumer.
The issue of commercial traffic remains critical for global oil supplies. According to current international information from early April, Iran still refuses to fully open the Strait of Hormuz in response to a proposal for a temporary ceasefire, although in recent days tankers from specific countries have been observed passing through.
"If the ceasefire is respected and serves as a basis for a ceasefire and opening of the Strait of Hormuz, fuel prices will remain low", Svetoslav Benchev told BNT. He was categorical that it is precisely the elimination of geopolitical risk that is key to long-term stability.
Against the backdrop of global uncertainty, Bulgaria continues to maintain some of the most competitive prices in the European Union. The Chairman of the BPGA pointed out specific data illustrating the difference with the other member states.
"The prices and differences are quite significant, and if we look at the average price of gasoline in the EU, it is 1.90 euros per liter of fuel, while for diesel the difference is also 45 cents in favor of Bulgaria", explained Svetoslav Benchev. According to him, the cheaper fuel in our country is due to the lower VAT rate and the timely payment of all costs along the logistics chain.
The main factor for balancing the domestic market remains the work of the "Lukoil Neftochim" refinery in Burgas. Currently, the enterprise is operating thanks to the temporary derogation from the sanctions of the US and the UK, which expires on April 29, 2026.
"We are secured with fuel, we have the necessary amount of fuel", assured the Chairman of the Petroleum Association. According to him, the refinery is operating at good capacity, which allows for exports. It is the funds from these exports that guarantee the liquidity for the purchase of the next quantities of crude oil.
Svetoslav Benchev warned that possible administrative interventions would have a negative effect on the sector given the approaching end of the derogation. "It is important that there is no ceiling on the price of fuel, which would make it difficult for the refinery to operate and purchase fuel for May," he noted. The expert added that state regulators have been carrying out increased inspections of gas stations since the beginning of the war and no problems with pricing have been identified.