site.btaConsumer Watchdog Reports Sharp Increase in Wholesale Fuel Prices

Preliminary data indicate a rapid increase in wholesale fuel prices, Commission for Protection of Competition (CPC) Chair Rosen Karadimov told journalists on Tuesday after a meeting with President Iliana Iotova, where they discussed possible mechanisms and measures to mitigate the economic consequences of the conflict in the Middle East.

Karadimov said that on March 4, the Commission sent recommendations to the executive authorities and to the special commercial administrator of the Lukoil companies in Bulgaria outlining measures based on two completed proceedings, which resulted in sanctions totaling BGN 262 million (approximately EUR 130 million), as well as one ongoing investigation.

He said that the CPC expects responses within a few days from Lukoil Bulgaria and other major wholesale traders to assess the pace of price increases. Karadimov added that the ongoing proceedings against Lukoil focus on the company’s behaviour on the wholesale market. Some of the recommendations to the executive branch are related to monitoring the market conduct of the refinery and its affiliated companies, he said. 

Karadimov noted that the CPC does not have direct powers to regulate retail prices unless they stem from prohibited agreements, adding that the Commission is monitoring retail price levels to identify any such practices.