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Parliamentary Energy Committee Holds Hearing of Petroleum and Gas Association Leaders, Is Told LUKOil Refinery in Burgas Has Enough Fuel

The parliamentary energy committee held a hearing of the head of the Bulgarian Petroleum and Gas Association (BPGA), Zhivodar Terziev, amid reports of a fuel shortage and rising fuel prices. Terziev told the MPs that the LUKOil Neftochim Burgas oil refinery has “sufficient fuel quantities” and its production plan is undisturbed.
Terziev also said that between 16:00 and 22:00 hrs on March 2, during a spree of panic buying of fuel, the gas stations sold as much fuel as they normally sell in four days. That led to some logistical issues with the restocking of gas stations and the work of tax warehouses. Consumption came down to normal levels – and even below – the very next day.
Terziev believes the situation was due to a combination of poor consumer decisions and misinformation. “As of this day, international fuel prices are extremely high. The good news from the past three hours is that Brent oil came down to USD 123 from USD 128 per barrel, and fuel prices lost some USD 120 after appreciating by USD 170 for diesel fuel on Tuesday morning,” he said.  He believes that these fluctuations show that players do not agree in their interpretation of information that affects the markets.