According to Kärsna, fuel setting consumers back just €2 per liter could be considered a positive outcome.

Host Liisu Lass asked about the impact the excise tax cut pending in the state parliament could really have.

To which Kärsna replied, "Five to six cents per liter for diesel and up to 25 cents per liter for gasoline."

Between 2012 and 2014, the price of a barrel of oil on the world market was in the same range, at $120 dollars per barrel, but fuel was roughly 25 percent cheaper in Estonia.

"Excise duties have gone up, mandatory biocomponent introduced, and the effect of the depreciation of the euro against the dollar is 13 cents per liter," Kärsna listed.

The Alexela board member voiced concern for the rural population. "People who live outside cities have to drive," he said. "Filling up has become more expensive by a whole euro per liter or €50 per tank of fuel compared to last year."

Many European countries have already reduced excise duties and are now hoping that the fuel market will also begin to see a decline in prices as supply improves.

In addition to the halt in imports of oil and finished oil products from Russia, prices of motor fuels are also being held back by the lack of investment in oil refining due to fears of a green revolution, which limits production capacity, Kärsna said.