The four retailers, Circle K, Neste, Alexela and Terminal Oil, slashed prices on 95-octane gasoline by nine cents and diesel by 10 cents per liter for Friday, with both fuel types now costing €1.949 per liter.

Indrek Sass, head of motor fuel pricing at Circle K, said a fall in world crude prices was behind the change.

The fall itself relates in part to a likely increase in OPEC countries' production volumes and the possible part replacement of crude oil deficits with Venezuelan oil.

The entry of Iranian oil on the market is also being considered.

"This positive news has eased market tensions in recent days, and lowered the purchase prices of crude oil and finished products," Sass said.

The changes themselves are the result of sanctions on Russia following its unprovoked large-scale military invasion of Ukraine, with the U.S. this week banning the import of oil and natural gas of Russian origin.

Reste Sülluste head of marketing and communications at Neste, whose filling stations are self-service and automated, told ERR that while the purchase price has fallen, the trend will be firmed up on Monday, adding that prices have become more unpredictable of late.

This could also result in a continued fall in fuel prices.

Sülluste said: "If this trend continues, the fall in prices will continue. And everything will be reflected in our prices. We hope that such greater tensions in the rise in oil prices will be over."

Fuel prices breached the two-euro-per-liter mark earlier this week, the culmination of many months of continued price rises and consecutive record level prices at pump.

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