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Estonian fuel retailers drop prices at the pump on Thursday

Gas pumps. Photo is illustrative.
Gas pumps. Photo is illustrative. Source: Priit Mürk/ERR

As gasoline and diesel fuel prices fall on the global market, Estonian fuel retailers followed suit and dropped prices at their gas stations, reducing the price of 95 octane gas to €2.049 per liter and diesel to €1.949 per liter.

In U.S. dollars per gallon, this equals $7.91 for 95 octane gas and $7.53 for diesel.

98 octane gas, meanwhile, fell to €2.099 per liter, or $8.10 per gallon.

Terminal Oil was the first chain to reduce its prices Thursday morning.

"We're seeing that the near future prospects for the economic environment and an expected decrease in demand have reduced price pressure on the global fuel market, and at the moment that means cheaper fuel prices for consumers as well," said Terminal Oil CEO Jörgen Õigus.

The retail prices of Terminal's motor fuels are largely dependent on purchase prices and taxes, Õigus explained, adding that pricing is not influenced by regional competition.

By around 10 a.m., Circle K had followed suit and reduced its own prices at all of its gas stations to match.

As of Thursday morning, 95 octane gas cost €2.119 per liter ($8.17 per gallon) and diesel €1.999 per liter ($7.71 per gallon) at other gas station chains in Estonia.

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Editor: Aili Vahtla

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