We study the influence of bubble-bubble interactions on the propagation of linear acoustic waves in bubbly liquids. Using the full model proposed by Fuster and Colonius [J. Fluid Mech, Vol. 688, pp. 253-289, 2011], numerical simulations reveal that direct bubble-bubble interactions have an appreciable effect for frequencies above the natural resonance frequency of the average size bubble. Based on the new results, a modification of the classical wave propagation theory is proposed. The results obtained are in good agreement with previously reported experimental data where the classical linear theory systematically over predicts the effective attenuation and phase velocity.