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Fuel prices in Latvia could rise by 10–12 cents per liter in the coming days if the current oil product exchange rates remain, LETA news agency was informed by fuel retailer SIA “Kool Latvija”.
The company noted that the US and Israeli strikes on Iran have directly impacted global energy markets, affecting prices in Latvia. The global fuel market reacted immediately and sharply to events in the Middle East.
According to the company, within a single day, oil product quotations on the “ICE Futures” exchange increased by around 20%, which equals more than $140 per ton. In effect, prices rose in one day as much as they had over the previous two months combined.
If this level persists until the next “Platts” price fixing, Latvian drivers could see fuel station prices increase by 10–12 cents per liter in the coming days.
The company emphasizes that future price trends will depend on developments in Iran and the overall geopolitical situation in the region. At the same time, part of the risk of military escalation was already factored into exchange rates, while the supply-demand balance on the global oil market remains relatively weak.
Experts remind that fuel pricing in Latvia is largely influenced by global factors – world oil prices, currency exchange rates, taxation policies, and local competition. Therefore, forecasting price changes beyond one week is currently difficult, though the risk of a price increase in early March remains high.