site.btaEconomy Minister: No Significant Increase in Fuel Prices Is Expected in March 2024

Minister of Economy and Industry Bogdan Bogdanov said during a Sunday interview for bTV that no significant increase in fuel prices is expected in March 2024, after the derogation of Russian oil is lifted. He further noted that if the refinery undergoes a seamless transition and operates at its full capacity, significant changes in fuel prices would be unlikely.

Bogdanov said: "A lot of work has been done in the last three months, and Bulgaria has managed to create experts who are ready to take over the refinery operationally. We managed to estimate where and what oil we can use so that the refinery can operate at maximum capacity".

The Minister specified that fuel prices will be determined by the dynamics of the global markets. "We could not predict whether they will go up or down in the next six to nine months," he added.

Bogdanov said: "What needs to happen is clear - the refinery needs to maintain operation, its 4,000 employees need to keep their jobs". He was adamant that European sanctions must be adhered to and taxes must be paid, no matter who the economic operator in question is.