The impact of the sharp rise in global oil prices, prompted by the political unrest in the Arab countries, has spread to Bulgaria over the past month, with fuel prices at local filling stations increasing by BGN 0.10 per litre.

Since the beginning of the year, fuel prices have grown by between BGN 0.20 and BGN 0.30, or by some 10% on average to between BGN 2.40 and BGN 2.60 a litre. Bulgarian fuel prices have now surged to their highest level within the past two years, nearing the record rates seen in the summer of 2008 when global oil prices stood at over USD 147 per barrel.

On Thursday, Brent crude prices continued to move higher on the international markets, hitting USD 119 per barrel before cooling down to USD 115.

The rise in fuel prices is affecting most severely the transport and agriculture sectors in Bulgaria and has made some companies increase the prices of their products and services, according to a survey by daily Dnevnik.

Economists, however, consider that the higher fuel prices would not lead to a rise in inflation rates and project that the price shock will be temporary.