V. Zlatev: Fuel Prices in Bulgaria To Grow Along with Global Oil Prices

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V. Zlatev: Fuel Prices in Bulgaria To Grow Along with Global Oil Prices

Bulgaria is not isolated from the rest of the world and fuel prices will grow along with the international oil prices, Valentin Zlatev, general manager of Lukoil Bulgaria, said.

The new record high prices of crude oil squeeze household budgets and may also affect the state budget, which definitely was not planned under price levels of USD 140 per barrel, Zlatev added.

The price of crude oil will go up to USD 145-155 per barrel where it is possible to stay at that level, Zlatev forecast. "I do not expect a drastic growth in oil prices as the world economy has already overheated", Zlatev went on to say.

The Bulgarian government took the wrong decisions as far as the excise duties on fuels are concerned, according to Zlatev. One of the them is the hiking of the excise duty rate on diesel and the lowering of the excise duty levied on liquefied petroleum gas (LPG). The accelerated rates at which the excise duties are being raise this year is also a mistake, according to Zlatev.

Excise duties are the third larges source of revenue for the budget in 2008. No progress has been made in the fight against the unofficial economy in the sector, said Lukoil's general manager.

Lukoil Bulgaria profits between 0.01 and 0.04 leva per liter from the sale of diesel and gasoline and at the same time sells LPG at a loss, Valentin Zlatev said.

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