Latvian drivers are facing a sharp rise in fuel prices. In the coming days, gasoline and diesel may become even more expensive.
The largest Latvian gas station network, Circle K, has already begun to raise prices. Just on Saturday, February 28, 95-octane gasoline in Riga was trading at 1.46 euros per liter. Today, on March 4, the price per liter has soared to 1.63 euros.
In total, over three days, the price of 95-octane gasoline has increased by 17 cents, or 10 percent. Diesel has risen even more in price – it has already surpassed gasoline and costs 1.69 euros per liter in Riga. Here, the increase has been over 20 cents or about 15 percent.
Interestingly, at the beginning of the war in Iran, Circle K Latvia representative Gatis Titov refused to comment on a possible price increase. "Forecasting specific fuel prices would be speculation," Circle K Latvia stated, and then they rushed to change the price tags to higher ones.
What’s next? If rockets seriously damage several oil terminals or fields, in this case, an increase of 10-15 cents will seem like a minor episode compared to a much more significant price jump, believes a representative of one of the largest gas station networks in Latvia.
The Minister Has Questions
The sharp rise in fuel prices in Latvia after the start of the war in Iran raises questions, stated the Minister of Economics of Latvia, Viktor Valainis, on the TV3 channel.
"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.
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