Retail prices of fuel in Bulgaria are rising gradually

Retail fuel prices in Bulgaria have risen by between 0,03 and 0,09 BGN over the past month, a check of petrol station prices shows. The Bulgarian Oil and Gas Association warns that fuel prices will rise because of increased European Union requirements for the use of alternative and bio fuels. The industry warns that Bulgaria should take measures to avoid price shocks.

Fuel prices have now stabilised, but it is difficult to predict until when, the industry believes.

"What we can say most generally is that we have returned to a world where every geopolitical event has an impact on fuel prices," Svetoslav Benchev said.

For the past two years, the price of the most common type of petrol, A95, has fluctuated between 2.63 and 2.66. For diesel, the change is greater, with a price difference of around 10 cents. Fuel prices could rise by further 10 cents if transport is not included in Bulgaria's energy strategy. According to EU requirements, member states must gradually replace conventional fuels with organic and carbon-neutral ones.

"The necessary infrastructure should be built, it should be clarified which will be the fuels that will be one hundred percent carbon neutral, I exclude electricity, the things there are clear, because the necessary technology exists," Svetoslav Benchev added.

The association has calculated that if measures are not taken in time, prices of fuels in the country will rise sharply. There are two cheaper options to switch to lower emission fuels.

"Quickly and without almost any serious investment, we can do joint processing of bio-based raw materials with mineral raw materials, which is done in a number of Western countries," said Venelin Marinov.

"Bulgaria is still very price sensitive and the energy poor represent a significant share of the Bulgarian population so propane-butane and its many names also known as autogas, could be a very good alternative for transition in the next ten years," said Maya Blagoeva.

The Bulgarian Academy of Science has a study on the production of biodiesel from algae. However, it turned out that it would be very expensive because of the price of the raw material, so it is not yet a solution for a country like Bulgaria.

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