site.btaPM Gurov: US-Iran Ceasefire Will Calm Markets and Prices

Bulgarian Prime Minister Andrey Gurov expressed hope the US-Iran ceasefire will be upheld, calming international markets and ensuring free passage through the Strait of Hormuz, which in turn should help stabilize prices, the government information service said on Wednesday. He was speaking at a meeting of the task force which monitors and controls the prices of goods and fuels in response to the conflict.

Gurov highlighted the immediate effect of the ceasefire on international oil prices, which fell to USD 94-95 per barrel. He said that while there is much talk of soaring prices and crises, preliminary data do not confirm these claims. "This does not mean pressure is not building within the system; the task of the caretaker government is to absorb this pressure before it reaches the end consumer," the Prime Minister said.

The government will conduct weekly analyses of the prices of goods in the basic consumer basket to prevent price gouging, he added. Current increases are limited, with no price spikes, according to the Commission for Consumer Protection (CCP), the government also said.

Of the 101 groups of goods and services monitored, 40% recorded price increases in March compared to February, while 60% saw a drop in prices, said acting CCP Chair Alexander Kolyachev. He added that fuel price changes have not yet affected the goods and retail chains under CCP observation.

Agriculture and Food Minister Ivan Hristanov expects prices to decrease this week and next, noting that stores themselves will dispel the impression that prices are rising.

Out of 800 petrol stations inspected by the National Revenue Agency (NRA), 48 showed increased margins on all three fuel types, and 88 reported higher margins on petrol and diesel only. Additional documentation is expected, and by May it will be clear whether some stations will face sanctions under the Introduction of the Euro in the Republic of Bulgaria Act for unjustified price increases, said NRA Executive Director Milena Krastanova.

Gurov said the task force continues to analyse measures already implemented, which are not "helicopter money" but targeted support for the most vulnerable citizens and sectors.