World market oil price drop causes prices to fall at pumps in Estonia

Pumps at a gas station.
Pumps at a gas station. Source: Ken Mürk/ERR

A sharp fall in the world market price of oil has resulted in lower prices also at Estonian gas stations. Circle K and Alexela have both lowered the price of gasoline 95 and diesel to €1.759 per liter.

The price of Brent crude dipped below $80 for the first time since January.

Alexela board member Tarmo Kärsna told ERR that the price of 95 gasoline and diesel is €1.759 per liter from Wednesday.

"Falling demand in China courtesy of Covid restrictions and the trifling effect delivered by Russia sanctions are causing oil prices to drop, which effect reached Estonian gas stations today," Kärsna said.

Indrek Sassi, head of pricing for Circle K Estonia, said that the price of gasoline was lowered by four cents and that of diesel by ten cents.

Kärsna said that world market prices have been falling since early November and that the price in Estonian filling stations has come down 12 cents since then.

The executive said that OPEC+'s decision to retain recent production volume and the $60 per barrel price cap on Russian oil met the market's expectations and did not result in increased demand.

A barrel of Brent crude sold for $78 Wednesday noon.


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Editor: Karin Koppel, Marcus Turovski

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