The rise in fuel prices in Latvia in the first quarter of this year was due to objective external conditions, stated the Competition Council, referring to its study on fuel price changes.
The Competition Council conducted an initial study of fuel price changes in early 2026, analyzing information provided by market participants, procurement prices, and trends in international markets. The Council concluded that the rise in fuel prices in the first quarter of 2026 was due to objective external conditions - the geopolitical situation and the associated sharp increase in oil prices in international markets, which had a direct impact on procurement prices for fuel.
The Council also found no signs of restrictions on competition in the retail fuel market.
The Council notes that preliminary analysis of the data indicates a similar price dynamic in the market, but there is no evidence of coordinated anti-competitive actions by market participants. The similar price dynamics are due to the same external economic factors affecting all market participants.
The information available to the Council also does not suggest that the price increase is related to an increase in retail markup. On the contrary, in the first quarter of 2026, the most significant price increase is observed in the procurement component - approximately 37% for gasoline and about 70% for diesel fuel.
The Council concluded that the price dynamics in Latvia do not significantly differ from other Baltic and European Union countries, indicating a common influence of external factors.
The Council notes that the retail fuel market remains highly competitive and is characterized by high consumer sensitivity to prices, which forces retailers to offer promotions and loyalty measures even in the face of sharp price increases.
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