Currently, about 50% of the necessary oil reserves for security are in state ownership, reported the state company "Public Asset Manager 'Possessor'".
And where is the other half? According to the new reserve management model approved by the government, "Possessor" is gradually purchasing the necessary state fuel reserves so that by 2029, 100% of the reserves will be state-owned. Thus, the state is transitioning from a model of purchasing a commercial service to a model of owning the resources themselves.
The sharp rise in fuel prices in Latvia following the start of the war in Iran raises questions, said Minister of Economics Viktor Valainis in an interview on the program "900 Seconds" on TV3.
In response to the question of whether the increase in fuel prices at gas stations by 10-12 cents is justified, Valainis noted that the Competition Council has taken notice of this and is monitoring the situation.
"The spike in oil prices in international markets and its immediate transfer to our gas stations raises questions for us," Valainis said, adding that traders should set prices fairly and be prepared to explain their fuel pricing policy to regulatory authorities.
The minister reminded that for unfair commercial practices, the Competition Council can impose serious fines.
"We are monitoring this, and the relevant institutions will act if necessary, and traders should be ready to answer questions," Valainis said.
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