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Headline: Bulgaria Faces Potential Benzene Shortage and Decreased Deliveries from March 1, Warns Bulgarian Petroleum and Gas Association Chairman
Lede: Bulgaria could face a benzene shortage and significantly reduced fuel deliveries starting March 1 due to regulatory hurdles regarding biofuel, according to Svetoslav Benchev, chairman of the Bulgarian Petroleum and Gas Association.
Body:
Bulgaria risks running out of benzene and experiencing significantly reduced fuel deliveries from March 1 due to regulatory challenges related to biofuel, warned Svetoslav Benchev, chairman of the Bulgarian Petroleum and Gas Association (BPGA). In an interview with the Bulgarian National Radio (BNR), Benchev emphasized the urgency of the situation, stating that the issue should be addressed by the National Assembly to prevent the crisis.
Benchev attributed the problem to the transposition of a European directive concerning renewable energy sources, which led to the removal of the biofuel component. If this issue remains unaddressed until March 1, Bulgaria may face severe fuel shortages and substantial delivery cuts, he warned.
The BPGA chairman noted that his organization has held discussions with several parliamentary groups to find a solution. Regarding the recent price fluctuations in the fuel market, Benchev commented on the slight increase in diesel and benzene A95 prices, stating that these changes represent minimal fluctuations compared to the overall barrel price trend.
In other news, a recent upsurge in grey market activity has been observed, involving fraudulent VAT refunds, cash register receipt falsification, and invoice manipulation. According to expert estimates, these illegal practices could result in annual losses of up to BGN 300 million.
Benchev expressed optimism about the global oil market’s current state, highlighting the impact of U.S. President Donald Trump’s inauguration and his pro-fossil fuel stance. He predicted a possible increase in oil prices if Trump imposes new sanctions on Iran, as he did during his previous term. Benchev also recognized the influence of geopolitical factors, such as Middle Eastern tensions, on global fuel prices and suggested a realistic projection of USD 70-85 per barrel for 2025.
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