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[size=55:34kkg2gt]Sofia echo

Bulgaria's fuel prices soar on global oil shocks

The impact of the sharp rise in global oil prices, prompted by the political unrest in the Middle East and North Africa, has spread to Bulgaria over the past month, with fuel prices at local petrol stations increasing by 10 stotinki a litre.

Since the beginning of the year, fuel prices have grown by between 20 stotinki and 30 stotinki, or about 10 per cent, on average to between 2.40 leva and 2.60 leva a litre.

Bulgarian fuel prices have now surged to their highest level in the past two years, nearing the record rates seen in the summer of 2008, when global oil prices stood at over $147 a barrel.

On February 24, brent crude prices continued to trend higher on the international markets, hitting $119 a barrel before falling back to $115.

The rise in fuel prices is affecting most severely the transport and agriculture sectors in Bulgaria and has made some the companies increase the prices of their products and services, according to a survey by Dnevnik.

Economists, however, said that the higher fuel prices would not lead to a rise in inflation and projected that the price shock would be temporary.

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Asda, Morrisons and Tesco cut petrol prices

Consumers can now benefit from cheaper prices at the pumps as three major supermarkets have reduced petrol prices.

Asda, Morrisons and Tesco have today all cut the cost of both diesel and unleaded petrol at the majority of their garages nationwide.

The cuts come following a sharp drop in the price of oil, leading some analysts to predict further falls in what would be welcome relief for hard-pressed motorists. However, motoring giant the AA has accused fuel providers of delaying that drop by only now reducing prices when they have already fallen by 6% in other EU countries.

Supermarket drops

According to PetrolPrices.com, the average cost of unleaded was 137p yesterday and 143p for diesel.

However, these average prices will drop in the coming days as supermarket price falls take effect.

Asda has slashed 1p per litre off the price of unleaded and 4p per litre off diesel. Its average price for diesel is now 136p and the average price for unleaded is 135p.

Morrisons has cut 1p per litre off unleaded and 2p to 3p off diesel depending on where in the country you get your fuel from.

Its average prices taken on Sunday before the cuts came into force were 135p for unleaded and 141p for diesel although Morrisons promises diesel will now cost under 140p nationwide.

The vast majority of motorists filling up at Tesco will get a 1p per litre reduction on unleaded. On diesel, every motorist will get a reduction of up to 3p per litre.

Tesco customers can further benefit as it is also currently running a promotion that offers customers a 5p per litre reduction on petrol when they spend at least £50 in store.

Oil price down

Brendan McLoughlin, managing director of fuel price comparison site PetrolPrices.com, says: "
The price of oil has fallen in the last few weeks as supply is currently greater than demand.

"
The effect of this is now being seen at the petrol pumps as supermarkets lead the way in cutting prices and it's likely that others will begin to follow suit. We may see a three to four pence cut from current prices."


The price of Brent Crude oil was $115 at midday today compared to $126 just over a month ago on 8 April.

A spokesman from motoring giant the AA says: "
In Germany prices at the pumps dropped by 6% in April following the dip in the cost of oil. One of the reasons the same drop may not have been seen in the UK is that there is a lack of transparency in the market.

"
If consumers knew what the oil and wholesale prices were they would be better equipped to see how these figures should be translated at the pumps.

"
Also, it generally seems that the market waits for supermarkets to make the first move, before then deciding whether or not to follow suit."

Metro.co.uk

Scientists plan to power cars using oil from Cornish pasties and pies
Scientists at a company in Lincolnshire plan to power cars using oil garnered from Cornish pasties, pies and other waste food, it has been announced.

Eco-friendly fuel firm Greenergy have revealed their intentions to make bio-diesel using oil extracted from various forms of food waste.

As well as pasties, crisps and other notoriously oily products that would normally be send to landfill sites and disposed of will be taken to a processing plant in Immingham, Lincolnshire.

There, the cooking oil - which scientists say can make up around 30 per cent of some processed foods - will be extracted and re filtered in order to be compatible with combustion engines.

The finished product will be made up using a fine blend of regular diesel fuel extracted from crude oil and the waste food oil.

Around £50million of investment is being channelled into the venture, Greenergy have said, and it will eventually lead to the new form of fuel being sold on petrol station forecourts.

Are they having a laugh

[size=55:2u3ehq2m]novinite

Fuel Prices in Bulgaria Hit New Record Highs

Gasoline rates in Bulgaria have climbed to a new record high, stoking fears of a new wave of price hikes of related commodities.

A litre of gasoline A-95 traded at BGN 2.53 per litre on Saturday, as diesel hit BGN 2.59 per litre, approaching a peak of BGN 2.59 per litre registered in March.

A litre of naphtha sold for BGN 2.51-2.52 per litre on Saturday, while LPG had a price tag of BGN 1.25 per litre.

The latest price spike came after Lukoil Bulgaria, owner of the sole crude oil refinery in the country, increased wholesale fuel prices on Friday.

Since the beginning of July, gasoline prices in the country have grown by around BGN 0.14, while diesel prices have added BGN 0.12.

Lukoil Bulgaria has attributed the most recent price update to the higher cost of crude oil on international markets.

If fuel prices hold at the current peak levels, this may lead to an increase in the cost of transport services, which, in its turn, will affect prices of a wide range of products.

Since the beginning of 2011, gasoline rates have gone up by 17% and diesel prices have climbed by 13%.

Diesel fuel reached a historic peak in March, settling at BGN 2.59 per litre, accompanied by a price of BGN 2.50 per liter of gasoline.

March's fuel prices triggered protest marches of drivers all over Bulgaria, while the Commission on Protection of Competition (CPC) launched a cartel probe in the sector.

The result of the check failed to find evidence of a cartel agreement on the fuel market.

The turmoil caused by expensive fuel caused the Bulgarian centre-right government to sign an agreement with Lukoil for a one-month moratorium on retail prices.

The fuel distributor, which controls 29% of the retail fuel market, froze gasoline prices at BGN 2.36 per litre and diesel at BGN 2.45 at filling stations of its chain.

The moratorium, originally set to expire on April 23, was subsequently extended to May 09.

The agreement for the price freeze aroused suspicions of very close ties between Bulgaria's Prime Minister Boyko Borisov and the head of Lukoil Bulgaria Valentin Zlatev, whom the opposition has described as "
the country's back seat ruler"
and "
the oil oligarch, who pulls the strings of the government"
.

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Bulgaria to Face New Fuel Price Protest Friday

A Facebook group has urged Bulgarians to join a new fuel price protest.

Drivers are invited to refrain from buying any gasoline or diesel on Friday and to stop their vehicles between 13:00 and 13:30.

The organizers emphasize that the protest scheduled for July 22 is unrelated to unions, organizations or political parties.

On Saturday, gasoline A95 hit the record level of BGN 2.53 per liter at filling stations in Sofia.

Gasoline A98 currently sells for BGN 2.69 per liter, diesel trades at BGN 2.51 per liter and LPG costs BGN 1.25 per liter.

The retail price spike came one day after the Lukoil Neftochim refinery increased wholesale prices.

According to statistics cited by Bulgaria's Dnevnik daily, gasoline prices have added BGN 0.14 per liter since the beginning of July, while the cost of diesel has increased by BGN 0.12.

Lukoil has attributed the price update to the upward trends on global markets.

Gasoline prices have risen by 17% since January, while the cost of diesel has gone up by 13%.

Peak fuel prices in March caused Bulgarians to organize five protest marches across the country.

The campaigns were launched on Facebook and included various forms of protest like roadblocks, pedestrian rallies and vehicles lining up in queues at filling stations, with drivers repeatedly buying fuel for small change.

The turmoil caused by expensive fuel caused the Bulgarian center-right government to sign an agreement with Lukoil for a one-month moratorium on retail prices.

The fuel distributor, which controls 29% of the retail fuel market, froze gasoline prices at BGN 2.36 per liter and diesel at BGN 2.45 at filling stations of its chain.

The moratorium, originally set to expire on April 23, was subsequently extended to May 09.

The agreement for the price freeze aroused suspicions of very close ties between Bulgaria's Prime Minister Boyko Borisov and the head of Lukoil Bulgaria Valentin Zlatev, whom the opposition has described as "
the country's back seat ruler"
and "
the oil oligarch, who pulls the strings of the government"
.

Bulgaria's Commission on Protection of Competition (CPC) launched a cartel probe in the sector amid widespread allegations of artificially inflated prices.

The result of the analysis of the liquid fuels market has not been announced yet, but the anti-trust watchdog has said that it fails to see any clear evidence of a unfair competition.

On Friday, Finance Minister Simeon Djankov and Customs Agency head Vanyo Tanov threatened to revoke the license of Lukoil Neftochim unless the refinery installs the mandatory measuring devices reporting fuel volumes released on the market.

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Fuel Prices in Bulgaria Hit New Record High

Fuel prices in Bulgaria have climbed to a new record high amid an oil price spike on international markets triggered by the escalation of a dispute over Iran's nuclear program.

After at the end of last week crude oil prices hit USD 120 per barrel, a peak not seen since last August, Bulgaria's Lukoil Neftochim refinery increased prices of the most common type of gasoline, A95, by 1.7% and prices of diesel by 1.41%.

On February 16, wholesale prices of gasoline and diesel went up by BGN 0.04 and BGN 0.03, respectively, causing a similar spike in retail prices of the commodities.

As a result, diesel reached the record BGN 2.70 per litre, while unleaded gasoline settled at BGN 2.57 per litre.

February 2012's rates broke the 2008 record of BGN 2.67 per litre of diesel and BGN 2.54 per litre of gasoline A95.

According to data of the National Statistical Institute (NSI), diesel prices have climbed by BGN 0.30 in a year, while gasoline prices have added BGN 0.10-0.16 in the same period.

According to Stanimir Smilkov, trade officer at Rompetrol Bulgaria, the latest fuel price hike in Bulgaria is the natural result of the rising prices of crude oil on international markets.

In an interview for Sega daily, Smilkov says that there is not much reason for optimism at the current stage and next week may bring even bigger price spikes.

"
I cannot predict the extent of the upcoming increase but fluctuations in crude oil prices affect all fuels. One must also take into account that macroeconomic indicators are also a strong influence and they are changing very dynamically,"
Rompetrol's Trade Officer explains.

Except for the domestic record in fuel prices, Bulgaria has also proved to be the European country where the cost of diesel exceeds the cost of gasoline by the biggest percentage, 5.6%

The situation is similar in the UK, where the diesel is 4.9% more expensive than gasoline.

The prevailing trend in the EU, however, is in the opposite direction, with average gasoline prices exceeding diesel prices by 3.7%.

The biggest difference is witnessed in the Netherlands, where diesel is 19% cheaper than gasoline.

The main reason for last week's oil price spike was Iran's warning that it may suspend crude exports to six EU countries in response to a proposed European embargo on imports of Iranian oil.

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Bulgarian Gasoline Price Hits New Record

Fuel prices in Bulgaria have climbed to a new record high with the start of the new week amid an oil price spike on international markets.

Over the weekend, Bulgaria's Lukoil Neftochim refinery increased prices of the most common type of gasoline, A95, by 2% and prices of diesel by 2.5%.

As a result, diesel reached BGN 2.68 per litre, while unleaded gasoline settled at the new record of BGN 2.63 per litre.

At the beginning of the month, diesel went down by BGN 0.8 and gasoline by BGN 0.3 – 0.4.

Diesel is cheaper in 6 other EU Member States, while unleaded gasoline is cheaper only in Romania and Cyprus.

Experts say they have no suspicions of cartels and monopoly situation, and explain the hike with the one on international markets.

The State Bulgarian National Television, BNT, cites data of the Bulgarian Oil and Gas Association showing the in the course of one year, gasoline went up by 13% and diesel by 16%.

Last Friday the civic association Sila (Strength) of Bulgarian drivers staged the latest rally to protest fuel prices.

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Diesel Prices Climb to Record BGN 2.73 per Litre

Fuel prices in Bulgaria have hit a new record after Lukoil increased wholesale prices by close to 2%.

Starting Wednesday, diesel sells for BGN 2.73 per litre at filling stations in Bulgaria, up by BGN 0.05.

The most common type of gasoline, A95, costs BGN 2.69 per litre, up by BGN 0.06.

The latest price spike has been attributed to the rising prices of crude oil on international markets.

Since New Year's Eve, prices of gasoline A95 have added as much as BGN 0.35 per litre.

At present, nine EU countries, among which Romania, have lower prices of diesel, according to energy portal energy.eu.

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Fuel Prices in Bulgaria Rise Twice in 3 Days

Bulgaria's sole oil refinery Lukoil Neftochim Burgas increased fuel prices twice within three days at the end of last week against the backdrop of falling global crude oil prices.

The most common gasoline type A-95 added a total of BGN 0.08.

On Friday, gasoline A-95 went up from BGN 2.47 per liter to BGN 2.51 per liter and on Sunday it had a price tag of BGN 2.55 per liter, returning to a peak from May 16.

Gasoline A-98 went up from BGN 2.49 per liter to BGN 2.58 per liter on Friday and now has a price tag of BGN 2.71 per liter.

LPG sold for BGN 1.13 per liter on Friday and for BGN 1.16-1.17 per liter on Sunday.

Meanwhile, crude oil prices on global markets headed down.

On Friday, crude oil prices fell for a second day in a row after the publication of a disappointing U.S. jobs report.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in August fell by 3.2% to USD 84.45 per barrel.

Light crude has grown 14% cheaper since the beginning of 2012.

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Retail Fuel Prices in Bulgaria Approach Record Highs

Retail fuel prices have Bulgaria approached record high levels registered in end-March over the past few days.

Diesel reached the peak rate of BGN 2.73 per liter registered on March 21 (against the backdrop of Brent crude trading at over USD 120 per barrel), but this time the record price tag stayed only for one day.

The most common type of gasoline, A95, sold for BGN 2.66 per liter on Monday, or BGN 0.04 less than on March 21, according to reports of dnevnik.bg.

On Tuesday morning, Lukoil filling stations offered gasoline A95 at BGN 2.64 per liter and diesel for BGN 2.71 per liter (Lukoil is also owner of Bulgaria's sole refinery, Burgas-based Lukoil Neftochim).

Retail prices went up after an increase in wholesale rates on Saturday (the fourth increase in wholesale fuel prices since the beginning of July).

Since the beginning of July, diesel prices have increased by BGN 0.23 and gasoline prices by BGN 0.18.

Experts have attributed the latest retail price increase to the crude oil price spike on global markets in the past two weeks and the increased USD/EUR exchange rate.

In mid-June, Lukoil Bulgaria stopped providing official explanations for wholesale price movements, saying that the company was being inspected by the Commission for Protection of Competition (KZK).

Bulgaria's anti-trust watchdog is investigating allegations about a cartel agreement between fuel retailers Lukoil, OMV, Naftex Petrol and Rompetrol.

KZK declared recently that it had detected irregularities but it has not come up with a final ruling on the matter.

Even Blind Freddy can see what's going on here.

We were given a fuel card by 'Petrol' and it affords us an 8 stotinki per litre discount on all our fuel..very handy when I fill the Nissan with nearly 80 litres at a time. Not sure if it's still available but might be worth checking out.

How and where did you get yours from?

It was offered to me at our local 'Petrol' station about a month ago.

LisA..did you manage to get your hands on one yet?

No not yet will try this weekend.

Good luck!