The Competition Council is Concerned About the Rapid Rise in Fuel Prices 0 27

Prices have already risen at the four largest gas station brands, Latvian TV reported this evening. The price of diesel fuel has particularly increased. On Friday, in many regions, it exceeds 1.75 euros, which is an increase of about 15% compared to the average price on March 2. The increase for gasoline is currently smaller - around 5%.

Typically, changes in oil prices reach the fuel pump with a delay that can take several weeks. This time, however, prices at gas stations in Latvia have risen within just a few days. This has raised questions among politicians, and the Competition Council will look into the situation.

Meanwhile, global oil prices are indeed rising due to geopolitical events.

Currently, the price of crude oil on the exchange is the highest since April 2024. Looking at the last five years, the highest price level was in 2022, after Russia's invasion of Ukraine, when the price of oil even exceeded 120 dollars per barrel.

Analysts predict that if tensions in the Middle East continue to escalate, oil prices could theoretically approach that level again. This means that fuel prices here, in our region, are likely to rise even further.