Fuel trading in Latvia is conducted under free market conditions under careful supervision, the Ministry of Economics told LETA. At the same time, in Latvia, the average price of diesel fuel rose by 7% last week, and gasoline by 2.7%.
The ministry notes that the fuel market in Latvia operates under free market conditions, and prices are set by the traders themselves; however, the industry is strictly regulated — monitoring is conducted to ensure consumer rights are upheld, as well as to prevent prohibited agreements and other violations among market participants.
The Ministry of Economics adds that the Competition Council (CC) monitors the situation in the fuel market in the context of the current geopolitical situation and assesses the compliance of market participants' actions with competition law within its competence, while the Consumer Rights Protection Center (CRPC) oversees the enforcement of consumer rights, and the State Revenue Service (SRS) monitors tax payments and fuel turnover.
At the same time, the Ministry of Economics analyzes market trends and has the right to initiate policy changes in this area if necessary.
Economy Minister Viktor Valainis noted that although the fuel market in Latvia is concentrated — its main part is formed by several large participants, and competition usually occurs at the local level — it remains competitive overall.
"However, the Ministry of Economics will continue to monitor its development and ensure effective oversight," emphasized Valainis.
The ministry explains that there is often a question in society about why fuel prices at different gas stations rise almost simultaneously.
Regulatory authorities note that price fluctuations may be related to the same external factors — oil prices in global markets, wholesale costs, logistics, and currency exchange rate changes, which is normal under free market conditions but can appear as coordinated actions by companies.
At the same time, taxes significantly influence prices, accounting for about half of the final price for consumers. Additionally, fuel at gas stations is sold from previously purchased stocks, so price reductions often reflect with a time lag.
The Ministry of Economics notes that Latvia maintains state reserves of petroleum products to ensure uninterrupted fuel supplies in crisis situations. From 2024 to 2028, the state will gradually purchase these reserves into its ownership, and during the transition period, part is secured through storage services or so-called "option contracts." In the event of a crisis, these reserves can help stabilize the market, but they are not a tool for artificially lowering prices.
The ministry urges consumers to actively use market opportunities — compare prices, take advantage of loyalty programs, and utilize available price comparison tools. In case of questions or suspicions, residents should contact the relevant institutions — the Ministry of Economics, the Competition Council, or the Consumer Rights Protection Center.
As previously reported, the government on Tuesday conceptually agreed on possible solutions to stabilize fuel prices, including easing the excise tax and a mechanism for controlling windfall profits.
A decision on specific regulatory acts is planned to be made at the next government meeting.
In Latvia, the average price of diesel fuel rose by 7% last week, and gasoline by 2.7%
In Latvia, the average price of diesel fuel increased by 7% last week, while the average price of 95 octane gasoline rose by 2.7%, according to data compiled by the European Commission (EC), as reported by LETA.
The information published by the EC this week shows that in Latvia, from March 9 to March 15, the average price of 95 octane gasoline was €1.677 per liter. A week earlier, the average price was €1.633 per liter, and the week before that — €1.55 per liter.
The average price of diesel fuel last week in Latvia was €1.919 per liter. A week earlier, it was €1.793 per liter, and the week before that — €1.548 per liter.
Compared to the beginning of the year, that is, from the week of December 29, 2025, to January 4, 2026, the average price of 95 octane gasoline has risen by 11.3%, while the average price of diesel fuel has increased by 28.8%.
As previously reported, the record average price of 95 octane gasoline in Latvia was recorded in 2022 during the week of June 14 to June 20 — €2.104 per liter, while the record average price of diesel fuel was during the week of June 21 to June 27, when it was €2.108 per liter.
The European Commission compiles data from participating countries on average fuel prices weekly.
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