Bulgaria's positive economic outlook continues to drive demand growth for transportation fuels. Oil product supply from the country’s sole refinery – LUKOIL’s upgraded Neftochim Burgas facility – exceeds domestic demand. This dominant position sustains the company's price-setting influence for the wholesale fuel market. However, high fuel prices relative to neighbouring countries have led to anti-competitive investigations, as well as tension between consumers, government and operators. The proposed Fuels Act amendment will require a high level of registered capital provided to the government, plus substantial investment in on-site storage from wholesale and retail companies to be compliant. We expect many small and independent players will struggle to obtain the capital required for this investment, potentially leading to further consolidation in an already concentrated market.