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Drop in budget revenue due to lower fuel prices

published on 4/26/20 3:53 PM

Photo: BGNES

"Bulgaria is experiencing a fall in fuel prices. There has been a decrease in the last 3 months by about 19% for gasoline and 17% for diesel. Bulgarian fuel prices before VAT and excise duty are slightly below average European levels", energy expert Martin Vladimirov from the Center for the Study of Democracy told the BNR.

The negative effects on the Bulgarian economy come because of the much lower budget revenues from VAT and excise duties, the expert said. In Bulgaria, fuels annually account for about 30% of VAT revenues. The decline in May and June is estimated at between 30 and 35%, which is a serious shock to the budget, Vladimirov commented.

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Radio Bulgaria News diesel excise duty fuel prices gasoline state budget VAT

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