site.btaBudget and Finance Committee Adopts Draft Resolution for Temporary Restriction of Petroleum Products Export to EU Member States

The parliamentary Budget and Finance Committee adopted at an extraordinary Friday sitting a draft resolution introducing a temporary measure to restrict the export and intra-Community supply of petroleum products to other European Union Member States. With this resolution, the Government is temporarily limiting the export of petroleum products - mainly diesel and aviation fuel - in order to prevent speculation with fuel prices in Bulgaria, in the context of the U.S. sanctions on the Russian company Lukoil and the potential effects on its assets in Bulgaria.

The proposal was submitted by GERB-UDF, MRF – New Beginning, There Is Such a People, and BSP – United Left. The committee approved it with 16 votes in favour, none against, and five abstentions.

Budget and Finance Committee Chair Delyan Dobrev (GERB-UDF) stated that the resolution is a preventive measure aimed at avoiding market abuse. "The reason is to prevent speculation with prices, as there are interested parties attempting to engage in such practices," he added.

According to him, the temporary restrictions do not affect petrol, since the quantities produced in the country exceed domestic consumption. The restriction applies to petroleum products for which there is a risk of artificially inflated prices.

Bulgaria consumes mainly diesel - over 80% of the fuels sold domestically are diesel, while petrol accounts for less than 20%, Dobrev said.

The ban will not apply to the fuelling and refuelling of local and foreign maritime and air vessels, nor to intra-Community supplies to European Union Member States when intended for the needs of the armed forces.