"Over the course of August, global market prices have been influenced primarily by developments in the Chinese economy, the end of the peak gasoline consumption – i.e. the so-called 'driving season' – in the U.S., the increase in U.S. oil production and the resulting growth in global [fuel] inventories, which have driven prices down," Circle K Estonia fuel pricing manager Indrek Sassi said in a written comment to ERR.

"The performance of the Chinese economy, from which an increase in global oil product demand was expected this year, has not quite lived up to expectations," he explained. "Moreover, the share of alternative energy consumption in China, particularly electricity, has gone up significantly."

Sassi highlighted that at the beginning of August, the retail price of 95-octane motor gasoline was €1.729 per liter for the most part; by now, the retail price has dropped by 10 cents.

Olerex CEO Piret Miller likewise attributed the price drop to global market developments.

"The volatility of global market prices is still influenced by the cooling of the economy and the situation in the Middle East, which is currently calmer," Miller said.

She did add, however, that prices may start to rise again soon. "Currently, we're already seeing a slight increase in the prices of base commodities," she noted.

At Circle K, Sassi also predicts that prices will go up.

"Since the end of last week, global market prices have started to rise again due to developments in the Middle East – the escalation of the conflict between Israel and Hezbollah, the closure of oil fields in eastern Libya and the halt in exports," he explained.

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