The "operational monitoring tool" has been implemented.
The Ministry of Economics (MinEconomics) has developed a new operational tool for monitoring fuel prices, which provides relevant information for the public and entrepreneurs, updated daily, about oil and petroleum product prices on international exchanges, as well as the dynamics of retail fuel prices at the largest gas station networks in Latvia.
"The tool was created against the backdrop of significant price fluctuations caused by geopolitical tensions in the Middle East and rising prices for petroleum products in international markets. In such conditions, relevant, transparent, and regularly updated information is important for both residents and entrepreneurs to make decisions based on objective information," the Ministry of Economics stated in today's announcement.
The operational monitoring tool reflects changes in oil and gas prices on European exchanges, as well as the dynamics of retail fuel prices in Latvia. The data is updated daily, ensuring the most accurate reflection of the situation.
The new tool complements the regular reports prepared by MinEconomics on fuel price monitoring, which are published twice a month and provide an in-depth analysis of trends in the oil market and fuel prices in Latvia and the Baltics. The preparation of such reports is mandated by a government decree, which stipulates that until June 16, 2026, there will be regular updates on fuel price monitoring on global exchanges and their impact on the Latvian economy.
According to the statement from MinEconomics, the implementation of the operational monitoring tool is part of a set of government measures aimed at reducing the impact of rising fuel prices. The government made a number of decisions in March and April of this year, including a temporary reduction in excise duties on diesel fuel and a solidarity payment mechanism in cases where the retail price exceeds the estimated price calculated by MinEconomics by more than 3%.
MinEconomics will continue to regularly inform the public about fuel price developments and ensure data availability to increase market transparency and reduce the negative impact of price fluctuations. Reports and the operational fuel price monitoring tool are available on the MinEconomics website.
