President Iotova and Competition Authority Discuss Measures to Address Economic Impact of Middle East Conflict

A key meeting has taken place between President Iliana Iotova and the Commission for Protection of Competition (CPC), focusing on measures to mitigate the economic impact of the conflict in the Middle East.

The antitrust authority reported a rapid increase in wholesale fuel prices. However, there is currently no evidence of prohibited agreements between petrol stations affecting retail prices.

Initial data received by the commission, covering the period from 23 February to 13 March, indicate a rapid rise in wholesale fuel prices. As a result, the competition authority has requested the latest data from Lukoil.

Rossen Karadimov, Chair of the Commission for Protection of Competition: “The caretaker Prime Minister said that we have sufficient quantities purchased at lower prices and that there should not be a sharp increase in prices. However, the initial data indicate a fairly rapid rise in wholesale prices — not retail, but wholesale.

BNT: “Has any potential speculative withholding of fuel stocks intended for the market been identified?”

Karadimov: “I very much hope that what I have just referred to is not the result of such withholding.”

No unfair practices have been identified in retail fuel pricing, according to the Commission for Protection of Competition (CPC).

Rossen Karadimov, Chair of the CPC: “We monitor retail fuel prices at petrol stations insofar as we establish whether or not prohibited agreements are in place.”

During the meeting with the regulator, President Iliana Iotova once again stressed the need for a comprehensive package of measures from the caretaker government, depending on how the situation in the Middle East develops. Emphasis was also placed on the need to support agricultural producers.

The discussions also covered the CPC’s recommendations to the government and the special manager of Lukoil.

Karadimov added: “The core of our recommendations to the executive was that, through the role of the state’s special representative, the refinery and Lukoil companies should follow market-based behaviour and refrain from practices for which we have previously imposed sanctions on Lukoil.”

The CPC also briefed the President on its sectoral analyses, including those covering the food, pharmaceuticals and product fee markets.