Fuel stations across Estonia raised their fuel prices on Tuesday as the prices for 95-octane gasoline and diesel reached record highs. The price of 95 gasoline went up to €1.539 per liter and the price of diesel to €1.329 per liter.
It has only been a week since the last time prices reached a new record as the prices of 95-octane and diesel reached €1.499 and €1.299, respectively, on September 29.
The main driver behind the price increases is rises in the world oil price after historic lows in early 2020 and the arrival of the pandemic. In Estonia specifically, a diesel excise duty cut last year was behind the low prices at pump. Nowadays, Estonia has the highest fuel prices in the Baltics, which encourages commercial hauliers to refuel in Latvia or Lithuania.
The price for Brent Crude Oil went up 2.5 percent on Monday and settled at $81.26 per barrel, the highest price in the last seven years. The price for crude oil barrels on the New York Stock Exchange reached $78.58 on Tuesday.
Editor: Kristjan Kallaste