Bulgaria raises petrol and diesel prices strongly

Feb 18, 1997 01:00 AM

Feb. 5, 1997 Bulgaria's outgoing cabinet raised gasoline and diesel oil prices by 48 % on the average, the state news agency BTA said. Petrol prices depending on the grade rose to 308-409 levs per litre from 208-276 levs and price of diesel increased to 281 levs per litre from 189. The government revises energy prices monthly in line with inflation rate, the lev/dollar exchange rate and world oil prices. A slump in the lev in January resulted in huge losses for Bulgaria's state-owned Neftohim refinery. Trade union officials at Neftohim said the refinery owed millions of dollars to suppliers, many of whom were no longer delivering crude.The lev was trading near 2,600 per dollar on Feb. 5 from around 600 at end-December 30 when petrol prices rose by an average 22 % and diesel by 34 %. Monthly inflation for January was expected at over 50 percent.
Bulgaria imports more than 80 % of raw materials for its energy sector and pays for the supplies after it exchanges levs for dollars. The prices of electricity, coal and heating include value added tax of 22 %.

Source: not available
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