Experts: BGN 7 for a litre of petrol is absurd

''BGN 7 for a litre of petrol is totally unrealistic. In the worst case scenario, the price of petrol will reach BGN 3 per litre,'' stated. the Chairman of the Bulgarian Petroleum and Gas Association, Andrey Delchev on bTV yesterday. Current prices are the result of fears of a possible military conflict with Iran, which caused uncertainty on global markets, commented the Chairman of the Petroleum Association. In the worst predictions for a crisis in the Strait of Hormuz and in case of blocked supplies, petrol prices might reach €150-160, compared to €120-125 at present. A war in the Persian Gulf can make a major petroleum supplier such as the Islamic Republic leave the market. Experts explain that this will be a situation when Tehran will plant mines in the Strait of Hormuz - over 40% of oil exports from the Gulf pass through the Strait. If fuel prices in Bulgaria rise by 20%, this will seriously affect the purchasing power of Bulgarians, said Andrey Delchev.

Oil prices, calculated in terms of real purchasing power, are still far from their economic peak during the oil crisis in the 1980s, reckoned Industry Watch economist, Georgi Stoev. Even if oil prices increase by a 100% - from €120 to €240 a barrel - that will lead to a mere 44% increase in the retail price for petrol, said the expert.

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