The price of fuel in Bulgaria could sustainably reach around 2 euros per liter if the oil supply crisis deepens. This was stated by the former Minister of Energy Alexander Nikolov in the program "120 minutes" on bTV, quoted by "Focus"
As the main reasons for the expected price increase, he pointed to the critically low levels of the US strategic oil reserves and the danger of blocking key transport routes through the Red Sea. According to him, a possible closure of the Bab el-Mandeb Strait would complicate supply chains, which would increase the prices of gasoline, diesel and kerosene.
Nikolov warned that in the event of a complete blockade of the routes through the Persian Gulf, which would stop exports from Saudi Arabia, Europe could be forced to rely on Russian supplies again. “When there is no supply and everyone is desperate, they will buy whatever product is available“, he said. According to him, the tension in the region is financially profitable for Russia and partly for the United States, but the loser is Europe because of its energy policy.
He described as a success the temporary freezing of the contract between “Bulgargaz“ and the Turkish company “Botaş“, agreed earlier this month by the presidents of Bulgaria and Turkey. "In the context of the war in Ukraine, the tension in the Persian Gulf and the actions of the European institutions, the decisions of the Minister of Energy and the Prime Minister are correct", he said.
Nikolov, who was among the critics of the agreement, said that the initial deal was unusable and carried financial risks for the country. The contract was also the subject of a parliamentary hearing last year. However, Turkey remains a strategic partner because of its large capacity for regasification of liquefied gas.
Regarding future energy projects, Nikolov said that Bulgaria needs more capacity, but the solutions should not be limited to the "Belene" nuclear power plant or a specific nuclear technology.