The sharp increase in fuel prices in Latvia following the outbreak of war involving Iran is raising questions, Economy Minister Viktors Valainis (ZZS) said on Thursday in an interview with the 900 sekundes programme on TV3.
Asked whether the rise of fuel prices at petrol stations by 10–12 cents per litre is justified, Valainis noted that the Competition Council of Latvia is paying attention to the issue and monitoring the situation.
“The jump in [oil] prices on international markets and their immediate transfer to our petrol stations is what also raises questions for us,” Valainis said. He added that
fuel retailers must act responsibly when setting prices
and should be prepared to explain their pricing policies to competition regulators.
The minister also pointed out that the Competition Council can impose significant penalties for unfair commercial practices.
“We are following these issues closely, and the responsible institutions will act if necessary. Retailers must be prepared to answer these questions,” Valainis said.
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