Bulgaria: A new rise in oil prices is expected

Published 2021년 5월 18일

Tridge summary

The article highlights a significant increase in sunflower oil prices, attributed to a global shortage of sunflower seeds and a poor harvest from 2020, as stated by Vladimir Ivanov, the head of the State Commission on Commodity Exchanges and Markets. This price hike is part of a trend that has been ongoing since August, with prices currently ranging from 3.10-3.20 per liter. The rise in prices is expected to persist but at a slower rate due to forecasts of a decent harvest. The article also notes that the consumer price index in April rose by 0.7%, with food prices, in particular, seeing increases of 6.4% for oil, 5.8% for lamb, and 2.5% for poultry. In contrast, prices for cucumbers and rice have decreased by 15.7% and 2.4%, respectively.

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Original content

A new rise in oil prices is expected, it became clear from the words of the head of the State Commission on Commodity Exchanges and Markets Vladimir Ivanov. According to NSI data, the price of oil increased by 6.4% last month. The rise in the price of sunflower oil is due to the lack of raw material due to the poor harvest from 2020. An upward trend in the price has been observed since August - there was a first rise to BGN 2.80-3 per liter, followed by another rise of 15-20 cents. and we are currently at levels 3.10-3.20 wholesale, explained to BNT Ivanov. According to him, there is a "displacement of nearly $ 1,000 on international stock exchanges, which is not a small amount." "This is mainly due to the global shortage of sunflower seeds and the poor harvest," he stressed. According to Ivanov, another progressive trend is expected, but the rise will not be significant due to the forecasts for a fairly good harvest. "In practice, we have an absolutely objective need to raise the ...

Source: Duma