Diesel prices to increase again after the introduction of bio-components in 2012

"We can expect another increase in the price of diesel after January 1, 2012," predicted Georgi Angelov, Senior Economist at the Open Society Institute during the ‘Tazi Sutrin’ television show on BTV . According to him, this would happen when the compulsory blending of fuels with bio-components once again enters into force. It was revoked until the end of 2011. The price increase of oil on the world markets would be another reason for the rise in the fuel prices in the country.

Fuel prices increased by about BGN 0.10 to BGN 0.12 a week ago, after the imposed moratorium on prices expired. Yesterday, both petrol and diesel were traded for BGN 2.48 per litter, reported BTV.

Angelov explained that taxes accounted for 52% of the fuel price in Bulgaria. Additional Allowances form another 7% and the actual value of the fuel itself is just 41% of the final price.

"If lower prices are imposed, traders would simply stop selling fuel in Bulgaria,” said in turn the Chairman of the Bulgarian Oil and Gas Association, Andrey Delchev. He was clear that the required by protesters across the country and by consumers price of BGN 2 per litter was a daydream. According to him, the administrative measures that the Government can take and has taken at present will decrease prices in the range of BGN 0.5-0.6, or maximum up to BGN 0.10, in the short or medium term.

“The problem in this country comes from the inadequate implementation of EU directives, “said Angelov. “Importers of fuels suddenly were faced with numerous regulatory requirements in terms of availability of stockrooms and obligatory accumulation of oil stocks. All these measures hindered imports. European directives were not implemented properly which led to higher prices,” he added. “Importers must invest hundreds of millions in order to meet these requirements, which would affect fuel prices in turn or they would have to buy fuels from local producers,” he said. “There is a problem with the implementation of the directive on oil stocks as well, which requires that every importer or producer of petroleum should own a petroleum base in Bulgaria, where he is obliged to keep oil stocks.” This costs a lot of money, argues the economist.

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