In the near future there is no reason to hope for a tangible fuel price drop, says Latvian Fuel Traders Association’s Executive Director Ieva Ligere, commenting on fuel price outlooks.
Ligere noted that the situation in the Middle East and OPEC members’ agreement to continue maintaining oil production low to maintain oil prices high are the main factors that affect fuel prices.
She also mentioned that the unrest in the Red Sea plays a significant role in the growth of oil prices. It also limits the movement of tankers through the Suez Canal.
Ligere mentioned that fuel prices are up at various exchanges. This means higher retail prices as well.
Iran’s attack on Israel, as well as Ukraine’s attacks on oil processing plants in Russia have yet to affect prices.
“Considering that it is impossible to predict the development of geopolitical events, it is also impossible to predict how fuel prices could change. Ongoing geopolitical developments and the course set by OPEC member states to reduce oil production offers hope for a drop of fuel and oil prices in the near future,” said Ligere.
It was reported that in Latvia the average price of 95-brand petrol increased by 2.6% in the week from the 2nd of April to the 8th of April of this year, while the average price of diesel increased by 1.7%, according to the data compiled by the European Commission (EC).
In Latvia, a litre of 95-brand petrol cost on average EUR 1.753, while the average price of diesel fuel in Latvia was EUR 1.695 per litre.
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