Wednesday marked the first time in months that prices at the pump changed in Estonia, with fuel retailers raising the price of both gasoline and diesel fuel by €0.03 per liter.
The price of 95-octane gasoline jumped from €1.699 to €1.729 per liter on Wednesday, while the price of 98-octane gas went up from €1.749 to €1.779.
Diesel, meanwhile, rose from €1.449 to €1.529 per liter.
The price of crude oil on the global market has gone up since mid-July following OPEC production cuts, climbing from $74 to $82 per barrel.
"The market was exceptionally stable over the last few months before July, but input prices have gone up about ten cents in July," said Terminal Oil CEO Jörgen Õigus, commenting on the price rise.
"On top of that, the price of oil on the global market has gone up by about $8 per barrel," he continued. "Therefore the market has gone up, and OPEC has been working toward that as well."
According to Õigus, peak fuel consumption season is about to begin, which will likewise drive up gas prices in turn.
"August is typically a [summer] vacation period, but in Estonia it also marks the period in agriculture where machinery starts to see increased use," he explained. "Historically speaking, this is a time where prices go up."
Editor: Aili Vahtla