Svetoslav Benchev: Due to a regulatory obstacle related to biofuels, Bulgaria may find itself without enough gasoline from March 1st

There is a regulatory obstacle related to biofuels that may leave Bulgaria without gasoline from March 1st and with a greatly reduced supply. This was commented on by Svetoslav Benchev, Chairman of the Bulgarian Oil and Gas Association, to the Bulgarian National Radio. According to him, "If measures are not taken by the National Assembly, this will probably happen."

In his words, "the mistake was made" during the transposition of a European directive on renewable sources, when the biofuel component was dropped, and if this does not change by March 1st, the country may be left with significantly reduced fuel supplies.

Talks have been held with many of the parliamentary groups, Benchev pointed out.

Earlier in a special interview for https://3e-news.net/, the chairman of the BPGA also commented on this, as well as other extremely important topics.

"We are reporting an increase of 4 stotinki in diesel, which is 1.5% within a month. It is similar with A95 gasoline, which is the most popular gasoline, there is an increase in price of about 3 stotinki, which is about 1%. This is a very minimal fluctuation, since mid-December the barrel has increased in price by about 5 dollars. Nothing dramatic on the fuel market," he further commented.

In recent months, there has been a revival of activity in the grey sector, mainly related to VAT fraud, illegal VAT refunds, collecting receipts and using them for invoices:

"According to our calculations, the losses could reach 200-300 million leva per year."

In recent weeks, there has been optimism among crude oil brokers due to the recent inauguration of US President Donald Trump, believes Benchev.

"We know that he is quite pro-fossil fuels and it is expected that there will be a more serious demand for oil products, speculators worldwide are betting on this. ... We need to watch what Trump will do with Iran and what sanctions will be imposed on this country, which could reduce fuel production. It already happened during his first term. Everyone is now wondering whether it will not happen again. If it does, there may be some price increase of a few dollars, but let's wait."

 

The fuel market has become accustomed to the tension in the Middle East, he also pointed out.

 

"We are in times when any geopolitical situation affects fuel prices. Even a storm can have an impact. I am a realist and expect 70-85 dollars per barrel in 2025," Benchev explained.