The Competition Council (CC) is paying increased attention to the development of fuel prices in Latvia, the LETA agency was informed by the CC.
The Council notes that due to the rapid changes in fuel prices related to the military conflict in the Middle East, as well as signals and complaints from people about rising fuel prices, this issue has received increased attention.
As stated by the Chairwoman of the Council, Ieva Šmite, fuel prices in Latvia are set in a free market environment, and each market participant must determine them independently. The role of the Council is to observe market developments and analyze how effectively competition is functioning and whether there are any violations of the competition law.
Fuel prices are influenced by a number of factors, including wholesale prices for oil and fuel in international markets, logistics costs, government tax policy, and changes in supply and demand. Geopolitical changes do not affect the obligation of market participants to set fuel prices entirely independently and act in accordance with the law.
The Council reminds that, according to the competition law, agreements between market participants aimed at preventing, restricting, or distorting competition in Latvia are prohibited and invalid from the moment they are concluded.
The Council has previously monitored the fuel market due to price fluctuations following the start of the war in Ukraine. The institution will continue to monitor the situation in the retail fuel market and will inform the public about relevant information and findings.
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