Fuel costs in Bulgaria have jumped sharply over the past week, rising between 6 and 9 percent, according to data from the platform Fuelo. The spike is being driven by the escalation of hostilities in the Middle East, which is disrupting both production and transportation of crude oil. Brent crude has crossed the USD 100 per barrel threshold for the first time in over three and a half years, further fueling price pressures.

Data from Fuelo shows that A95 gasoline, the most widely used fuel in Bulgaria, increased by 0.07 euros per liter over the week, a 5.56 percent rise. Its average price has moved from approximately 1.26 euros per liter on March 2 to 1.33 euros per liter, with the trend continuing upward. Diesel saw the largest increase, rising by 0.12 euros per liter, or 9.3 percent, from 1.29 to 1.41 euros per liter. Propane-butane prices also climbed 0.04 euros per liter, representing a 6.9 percent growth, reaching around 0.62 euros per liter. Methane prices are beginning to rise as well, up 0.01 euros per kilogram, or 0.88 percent, after remaining stable for a long period.

Valentin Kanev, chairman of the Balkan and Black Sea Oil and Gas Association, told Nova TV that this recent surge is likely only the beginning. With oil prices hitting roughly USD 119 per barrel and the possibility of a complete closure of the Strait of Hormuz, fuel costs could climb even further. He explained that the price shock may reach gas stations with a delay of about two weeks, potentially resulting in increases of 20 percent or more.

The Strait of Hormuz handles roughly 20 percent of global oil consumption, equivalent to about one billion tons annually. While Europe imports a smaller share, the global nature of oil markets means that tensions in the region impact prices worldwide. In 2024, the EU imported around 80 million tons of oil from the Persian Gulf out of a total consumption of 600 million tons, while the United States used 30 million tons of this oil from nearly one billion tons consumed.

Observations from gas stations confirm the price surge. Mainstream fuels increased by up to 10 cents per liter by the end of last week. Finance Minister Georgi Klisurski confirmed the rise ranged from 5 to 9 cents. A95 gasoline now trades between 1.32 and 1.36 euros per liter, while diesel prices are between 1.39 and 1.47 euros per liter. Gasoline for propane-butane has moved from 0.58 to 0.62 euros per liter in the last week. Some users report even higher spikes of nearly 20 cents per liter at certain stations.

The Bulgarian government has reassured the public that fuel supplies remain sufficient and that gasoline purchased at lower prices is currently being sold. Nevertheless, market reactions have been immediate, with prices climbing rapidly. Authorities have announced inspections at gas stations to prevent speculative pricing, but no results from these checks have yet been published.