Amid the War in Iran, Latvian Gas Stations Begin to Raise Prices 0 39

Latvia's largest gas station network, Circle K, has already started to raise prices. Just on Saturday, February 28, 95-octane gasoline in Riga was trading at 1.46 euros per liter, but today, March 3, the price per liter has soared to 1.59 euros (see photo).

In total, over three days, the price of 95-octane gasoline has increased by 13 cents. Or nearly 10 percent. Diesel prices have surged even more – today it has equaled gasoline, costing 1.59 euros per liter.

Interestingly, yesterday, a representative of Circle K Latvia, Gatis Titov, declined to comment on the potential price increase. "Forecasting specific fuel prices would be speculation," Circle K Latvia stated, and then they hurried to change the price tags to higher amounts.

What’s Next?

Latvian drivers may see an increase of 10–12 cents per liter at gas station pumps in the coming days, according to a representative of one of the largest gas station networks in Latvia.

The further price dynamics depend on the development of the situation in Iran. If the conflicting parties begin negotiations and agree to a ceasefire, that would be one scenario, more positive for the citizens of the region and for energy resource consumers worldwide.

But if rockets simultaneously sink a dozen tankers and seriously damage several oil terminals or fields, that would be an entirely different scenario, and unfortunately, in that case, a 10-cent increase would seem like a minor episode compared to a much more significant price jump.

The baseline scenario – in the absence of sharp escalation, the price increase in Latvia in the short term is unlikely to exceed 10–12 cents per liter compared to the end of February.

Meanwhile, the price of Brent crude oil has surpassed $84 per barrel for the first time since June 2024.