As of Thursday, a liter of diesel at Circle K costs €2.049 per lite, while a spokesperson from a competitor, Alexela, said earlier in the day that both diesel and gasoline prices of in excess of €2 per liter could become the new norm.

Following lows early on in the pandemic in spring 2020, when diesel cost just under a euro per liter for much of the year, the price of fuel has been steadily rising, in recent weeks setting and re-setting record levels, with prices as of Tuesday this week being set at  €2.259 (95 octane) and €2.309 (98 octane) per liter.

OPEC has pledged to boost production to offset the loss of Russian crude oil, and refined products, on the market, but this is unlikely to completely make up the shortfall of supply.

The Riigikogu's finance committee sent a bill which would reduce excise duties on gasoline and diesel to EU minimum levels, to its second parliamentary reading Wednesday.

If the bill passes, it could cut diesel prices by €0.05 to €0.06 per liter, while gasoline would be €0.25 cheaper.

The current excise duty rate for unleaded gasoline is €563 per 1,000 liters. The bill would lower it to the minimum permitted level of €359.

Finland's national broadcaster Yle reported Monday that the country may see gas prices as high as €3 per liter or more.

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