Fuel prices in Bulgaria have increased by an average of 5 to 7 stotinki over the last 10 days due to the escalation of the conflict between Israel and Iran. Fuel traders are also reporting a jump in the wholesale price by about 15 stotinki, industry organizations reported, bTV reported.
"The wholesale price has increased by about 15 stotinki so far. The conflict continues in full force and naturally the world markets are reacting in this way, there is no way the price can remain low", said Julian Valchev, manager of a gas station.
Consumers are already feeling the increase. According to traders, the price of diesel at the pump has risen by an average of 7 stotinki, and that of gasoline - by 5 stotinki in the period since the beginning of the Israeli-Iranian strikes.
Energy Minister Zhecho Stankov reassured that fuel supplies in Bulgaria are fully secured and consumers should not worry about a possible escalation of the war in the Middle East.
"On the supply side, Bulgarian citizens should be calm that supplies of natural gas and crude oil - gasoline, diesel, propane-butane are absolutely secured and consumers are not expected to have any concerns, we have quantities," the minister assured.
Svetoslav Benchev, chairman of the Bulgarian Gas and Oil Association, reported an increase in the price of crude oil by about 11-12% in the last 10 days.
"For the last about 10 days ago there was an increase in the price of crude oil by about 11-12%. At least for the moment, let everyone be calm, no problems with fuel supply are expected, the Strait of Hormuz is not closed yet, so nothing has happened," said Benchev.
A key factor for the future development of prices remains the situation in the Strait of Hormuz, through which a significant part of oil supplies from the Middle East passes. So far, prices on world markets remain lower than the average for last year, but the market has reacted to geopolitical instability.