Financial and business news from Bulgaria

Experts with a hot forecast for the price of gasoline

Retention of fuel prices despite the reduced yield agreed by OPEC+ predicted by the Bulgarian Petroleum and Gas Association. In front of BNT, the chairman of the organization Zivradar Terziev commented that the demand for fuels in Bulgaria decreased by almost 50% compared to April last year, wrote.
The only thing the specialists are adamant about is that the price of gasoline will not rise. The price of diesel, too.

There is also no reason for a more serious price drop, but it is possible to observe some slight downward movements, as the global market does not react in the expected way to the limitation of crude oil production agreed by OPEC+, precisely because the supply is still much greater than demand.

"That OPEC+ agreed on a reduction in yields, the market reported it with distrust. What's more, he even said, “it's possible, but we don't believe you.”

And today we are even seeing a decrease in the price of finished products and oil. Variety “Brent” is 31.22 at the moment, gas oil is 10-12 dollars down, diesel fuel. Which, against the background of Thursday's agreement, is far from talking about the expectation of the market towards an increase, "Terziev said.

Nearly halved consumption in early April compared to the same period last year. A slight stir is observed from the second half of the month.

This is due to the higher consumption of car owners because of the good weather, as well as the quantities claimed by farmers, as regardless of the presence of coronavirus people have to cultivate their land.