Bulgaria takes steps to curb retail fuel costs

Bulgaria takes steps to curb retail fuel costs

Bulgaria's government has agreed to lift the obligation for mixing fuels with bio-components by the end of 2011 in an attempt to curb the increase in petrol and diesel prices.

The measure, announced by finance minister Simeon Djankov on Thursday, was agreed by the government, local transport associations, fuel producers and distributors. The move is anticipated to reduce retail fuel prices by BGN 0.06 a litre.

The state has also agreed to limit the 60-day period within which producers and distributors are obliged to keep fuel reserves by 20 days to 40 days by end-April 2011, before raising reserve requirements back to 50 days in 2012 and 60 days in 2013.

According to Djankov, the measures will not weigh on the budget and only favour distributors as it will curtail their expenditures, which will in turn allow them to further cut prices by between BGN 0.07 and BGN 0.08 a litre.

The minister is expected to sign a memorandum with the Bulgarian unit of Russia's oil giant Lukoil, which agreed to impose a one-month freeze on retail fuel prices earlier that day./ Source: Dnevnik/

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