Financial and business news from Bulgaria

Expert explained when will fall gasoline prices in our country

Petrol station prices are declining and this will be a trend in the next few weeks, said the chairman of the Managing Board of the Bulgarian Petroleum and Gas Association Zivradar Terziev.
He explained that, in his opinion, these prices are not a real manifestation of supply and demand, rather geopolitical from the last few days a situation from which a quick exit will be sought.

In addition, the restriction on access of Europeans in the US led to a new decrease in oil prices as well as derivatives, Terziev also told bTV.

On Friday, oil prices collapsed by 30%, making the highest drop since 1991.

“Complex are the reasons, the coronavirus proved its impact in February with reduced demand, this led to a surplus of resources, in finished products in oil, which led to a smooth decrease in prices on international markets.

In addition, OPEC tried to reduce the yield and supply in order to offset the low demand due to the coronavirus, which led to the inability to get along with OPEC+ and this increased the supply, which again led to this 30% drop”, explained the Chairman of the Bulgarian Petroleum and Gas Management Board association.

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