This week, in Estonia’s largest petrol station chains, the price of petrol 95 has reached a new national record of 1.599 euros. Representatives of Neste and Circle K explained the reasons behind it, ERR reports.
Risto Sülluste is the marketing and communication manager at Finnish fuel retailer Neste. He explained that the key reasons for the hike in petrol 95 prices is the overall electricity price inflation and recent events in Kazakhstan.
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«The exchange prices of finished products have increased for about a week now, which has been caused by the price increase of crude oil. The prices of crude oil are affected by the growing concerns over shipments from Kazakhstan,» the Neste representative told. «Kazakhstan produces 1.8-1.9 million barrels of crude oil a day, which is comparable to Norway’s production around 1.7-2.0 million barrels and it exports more than half of its production to Europe. Since current political unrest has negatively affected the production of oil on Tengiz Field, oil exports from Kazakhstan will likely decrease,» according to Sülluste.
Canadian chain Circle K is also a key player in Estonia. Its motor fuel pricing manager Indrek Sassi pointed to the increase in retail prices is the prices on the world exchange, which have been growing since December 21. «The Brent crude oil price was at USD 72 per barrel on December 20, but that increased to USD 80 by the end of December. The trend has been a growing one to start January, as well, prices closed at USD 84 per barrel on Tuesday,» Sassi noted as quoted by ERR.
After Estonia’s fuel price record, retailers explain its reasons
