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Middle East Crisis Brings Record-High Gas Prices to Bulgaria
Business | February 25, 2011, Friday // 09:10
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A liter of A 95 gasoline hit BGN 2.4 in the midst of the Middle East uprisings. Photo by BGNES
The effect of the sharp increase of oil prices triggered by mass protest and turmoil in a number of Middle East countries is felt in Bulgaria where gas prices are the highest in the last two years.
In the course of just several weeks, gasoline is up by BGN 0.1 per liter, and BGN 0.3 per liter, or the staggering 10%, since the beginning of the year.
A liter of A 95 is currently BGN 2.4 while diesel is BGN 2.4
The oil price hike has the most negative effect on Bulgaria's farming and transport with some companies already upping the prices of their products and services in order to compensate for the expenses.
Meanwhile, economic experts, cited by the Bulgarian daily Dnevnik, say they are not worried about a serious inflation over the Middle East crisis and the "oil shock" will be temporary. They, however, warn a prolonged crisis will accelerate inflation, shrink demand, and slow down economic recovery.
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