Energy Minister Traycho Traykov has held talks with representatives of the Bulgarian Oil and Gas Association to discuss developments on international energy markets and their impact on fuel prices in Bulgaria. The meeting focused on fluctuations on global exchanges and the need for institutions to receive timely and reliable data about the state of the market.

According to Traykov, in a rapidly changing international environment the state must have clear information about maintained fuel reserves, current deliveries and the pricing and reporting methodologies used by companies. Such transparency, he said, would allow authorities to monitor developments more closely and respond if necessary. Representatives of the industry informed the minister about how existing reserves are currently being used.

The energy minister also pointed out that every participant in the supply chain contributes to the formation of the final price paid by consumers. From importers to the refinery, each step has an influence on the market. Traykov noted that while companies are entitled to pursue commercial profits, expectations remain that the refinery will take into account the interests of consumers when operating within the permitted margins.

Representatives of the oil sector stated that they are ready to work more closely with state institutions in order to ensure stability and predictability on the market. They also assured the minister that companies operating in the sector are not making speculative profits. Both sides agreed that the complicated international environment requires careful coordination of actions so that unnecessary turbulence is not created in the market. They expressed readiness to maintain an active dialogue and continue exchanging information.

Meanwhile, a report by Bulgarian National Radio shows that fuel prices in Bulgaria have already begun to rise. During an investigation in Sofia, employees at several gas stations confirmed that the prices of both diesel and gasoline have increased in recent days. According to their observations, the jump is already visible at the pumps.

Some residents of the capital expect further increases. One Sofia resident commented that price increases are almost inevitable in the current economic environment and that declines are rarely seen. He added that he continues to fill his car the same way as before, but doubts whether the country has effective mechanisms to influence the situation.

Another citizen questioned whether global developments should have such a strong effect on prices. In his view, the world does not rely solely on Iran or the conflict in the region for fuel supplies, since there are many producers and exporters. He wondered whether the government is acting in the interest of consumers.

A gas station employee offered a different observation, noting that despite the tensions in the Middle East people continue to refuel their cars. According to him, traffic has not decreased and drivers are still filling their tanks as usual. He added that for many Bulgarians the car remains one of the most important possessions after home and family.

According to fuel station data, prices of basic fuels have increased by around five to six stotinki per liter in just one week. Employees warn that this rise may continue if the conflict persists, as the initial market shock has not yet been fully felt. In their view, the effects could become more noticeable in the coming months if the war continues.

Rumen Radev from the Association of Industrial Capital in Bulgaria also commented on the situation, saying the duration of the conflict involving Iran is the main factor worrying markets. He believes that the impact on final consumer prices, such as food products, would likely remain relatively limited, estimating a possible effect of around 0.1 to 0.2 percent. However, he noted that sectors such as agriculture could face stronger pressure due to the role of fuels in fertilizer production.

Radev confirmed that the rise in prices is already visible at gas stations. Since the start of the military operations involving Iran, gasoline prices in Bulgaria have increased by roughly seven to eight stotinki per liter, while diesel has risen by about ten stotinki. He compared this with developments in Germany, where gasoline has become 24 cents more expensive and diesel has risen by 38 cents.

He urged the public to trust the government’s statements about fuel reserves and quantities, noting that many countries, including Bulgaria, are currently better prepared for such situations. Authorities are attempting to limit disruptions as much as possible despite the nervousness in global markets.

According to Radev, Bulgaria’s oil supplies are not directly dependent on routes through the Persian Gulf or the Strait of Hormuz. Nevertheless, disruptions elsewhere affect the global balance. If shipments passing through the strait are hindered, buyers turn to alternative sources, which influences prices in other markets as well. He added that Asian demand plays a particularly strong role and that markets react sharply to political statements and expectations about how long the conflict may last.

Radev said there is already an action plan concerning the operation of the refinery and that the state possesses instruments to respond if necessary. In his view, supporting measures for fuels or gas are not currently the main issue, adding that the impact on electricity prices is more significant.

Developments in neighboring Greece illustrate how quickly fuel prices can react to geopolitical tensions. There, the cost of fuel has been rising daily. On the mainland, prices now range between 1.80 and 2 euros per liter, with forecasts suggesting that by the end of the week the price could reach 2 euros everywhere.

Fuel is traditionally more expensive on the Greek islands, where prices are at least 10 cents higher than on the mainland. In some areas they already range between 2 and 2.30 euros per liter. Diesel is currently sold for about 1.77 euros per liter.

The Greek government is considering several measures in response. Among them are stricter monitoring of gas stations, broader supervision of energy markets and controls over the availability of essential goods. Authorities are also discussing the possibility of issuing special vouchers to help low income households, pensioners and people with reduced working capacity cope with rising costs.

At the same time, global oil markets remain extremely volatile. Vasil Simov, executive director of the Sofia Stock Exchange, said that markets tend to react sharply whenever military conflicts erupt. He noted that within less than a day oil prices had surged from about 86 dollars per barrel to around 119 dollars before falling again to approximately 90 dollars by the end of the trading day.

According to Simov, prices were again slightly higher the following morning, reaching around 95 dollars per barrel. He expects a highly dynamic trading environment as political developments continue to influence supply expectations.

The situation in the Strait of Hormuz remains a major concern for markets, as it could disrupt global oil shipments. Even if military tensions ease somewhat, uncertainty is likely to persist until the conflict ends more permanently. Simov warned that once a crisis begins, restoring stability can take time.

He also noted that trade in Russian oil has intensified in recent days, particularly between Russia and large buyers such as China and India. These countries continue to purchase Russian oil at prices significantly lower than the global benchmarks, while other states that avoid Russian supplies must buy from alternative sources at higher market prices.

For the time being, the Group of Seven countries has decided not to release strategic reserves. According to Simov, these reserves are intended for moments when a serious shortage emerges. At present, despite the tensions and disruptions in the region, global stocks have not yet reached the critical levels that would require their use.

Simov added that reduced production from Gulf countries could present a longer term challenge. Restarting or expanding oil production and transport after disruptions requires time, meaning the system cannot immediately return to its previous balance between supply and demand. Until that happens, uncertainty and volatility are likely to remain a defining feature of the energy markets.