There is no reason to expect a significant reduction in fuel prices in the near future

Ligere pointed out that in recent months, the impact on fuel prices is mainly caused by the events in the Middle East and the agreement of the countries of the Organization of the Petroleum Exporting Countries (OPEC) to continue reducing oil production, thus keeping the price of oil high.

She also mentioned that an important role in the increase in the price of oil is currently played by the unrest in the Red Sea, which restricts the movement of tankers in the Suez Canal, which serve as oil supply routes to Europe.

Ligere noted that, as a result, fuel exchange prices are rising, followed by retail prices. On the other hand, Iran’s attack on Israel, as well as Ukraine’s attacks on oil refineries in Russia, have not affected the price of oil at the moment.

“Given that it is impossible to predict the development of geopolitical events, it is impossible to predict how fuel prices will change. The current geopolitical events and the course taken by OPEC countries in reducing oil production do not give grounds to hope for a significant reduction in oil and fuel prices in the near future,” said Ligere.

It has already been reported that the average price of brand 95 gasoline in Latvia increased by 2.6% in the week from April 2 to April 8 of this year, while the average price of diesel fuel increased by 1.7%, according to data collected by the European Commission (EC).

In Latvia, a liter of brand 95 gasoline cost an average of 1,753 euros, while the average price of diesel fuel in Latvia was 1,695 euros per liter.