Higher prices for fuels and diesel failed coming as a surprise, representative of the Institute for Market Economy Luchezar Bogdanov said.

Changes to excise duty regulations could be implemented in two manners, Bogdanov said, and the government accepted a faster increase.

The introduction of such measures was completely transparent, as the Finance Ministry presented its intentions, said Bogdanov as quoted by Focus news agency.

Higher fuel prices were going to affect to an extent the expenditure of businesses, said he. Such developments were going to create some market pressure and demand for higher consumer prices.

A consumer price hike was unlikely, however, said Bogdanov. Competition between producers was going to keep prices under control. At the same time numerous businesses already invested in energy efficiency, which was going to compensate for the higher fuel prices.

Having lower expenditure and more efficient production was going to minimise the production costs, said Bogdanov. As a result the fuel price hike was not going to play a major role in determining consumer prices.