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Bulgaria Cannot Give Up Russian Fuels so Quickly

“Currently, the fuel market in Bulgaria is normal,” Radoslav Ribarski, chairman of the parliamentary energy committee, told BNR.

Today, the commission will hear representatives of the Bulgarian Oil and Gas Association and will be asked what the stocks are, whether a market shortage is expected and what is expected in the coming weeks in terms of fuel prices, he explained.

“The dependence of Bulgaria and a number of countries in the region is great. We have been failing to achieve the diversification we have been striving for, for decades. Fast, short-term measures are expected again, which should have been taken at least 10 years ago”, commented Radoslav Ribarski.

At this stage, we cannot give up Russian fuels from today to tomorrow, he stressed.

Lukoil’s reserves are available, the chairman of the energy commission assured.

As long as the demand does not increase sharply and there is no panic, which leads to overstocking of fuels, added Radoslav Ribarski.

He drew attention to the ubiquitous fuel stockpile in Europe, leading to a sharp rise in prices, and expressed hope that “once the critical lows are reached, the market will calm down”.

Ribarski described a possible price freeze as a “rather radical measure”.

“The repository is at levels that are normal for this time of year. Releases of natural gas from Chiren are limited. If necessary, we will use the available quantities from the pipes. Boosting as a process should start after mid or late March. The gas arrives under the agreements concluded with Russia”, Radoslav Ribarski also pointed out.

Regarding business compensation, he noted that in the second half of March it will be discussed:

“The compensations that are in force at the moment and the prices at the end of February did not reach the ceiling of BGN 250. Prices have risen sharply in the last week. The ceiling may be reached this month – from BGN 250 – it will be reached and we will discuss this topic as well – whether this ceiling should be raised, how the compensations should be structured. These prices are unaffordable for businesses and we know that.”


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